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Politics : Ask Michael Burke

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To: The Perfect Hedge who wrote (25193)	12/21/1997 8:45:00 PM
From: Earlie	Read Replies (1) of 132070

Glen: An excellent article appeared a few weeks ago pointing out that the total capitalization of Wall Street firms represented less than 10% of the derivatives (especially puts/calls) values currently (then ) outstanding. History is rife with examples of bears being right yet still being prevented from realizing their gains through rule bending designed to preserve the banks and/or brokers. Probably worried unnecessarily, but it crosses my mind that in a meltdown, few would weep if the profits of a few bears were sacrificed to ensure the survival of the banking/brokerage system. I also think the premiums are getting expensive. Best, Earlie

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