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Pastimes : Ask Mohan about the Market
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To: John Hunt who wrote (12613)12/31/1997 10:12:00 AM
From: Defrocked  Read Replies (2) of 18056
 
IMHO we are only halfway through the Far East
difficulties at best. Consider the following news
items, the associated implied risks, and my next
post containing a "flowchart" for perspective.

Wednesday December 31 1997 So.ChinaMailPost:
(1)South Korea's four biggest conglomerates plan to
sell 2.4 trillion won (HK$13.29 billion) of domestic
bonds this week at interest rates near 30 per cent,
betting interest rates will climb as the central bank
shrinks the money supply and banks tighten credit.
The 30% rate illustrates risk and desperation

(2)J.P. Morgan proposed on Tuesday that banks
exchange loans to South Korean financial
institutions for Korean government debt with
maturities of one, five and 10 years, the bankers said.
Banks and the government are considering the
proposal, although government officials said they
would not guarantee the debt of the nation's banks
JPM and other intl.banks are apparently demanding
guarantees

(3)Samsung Group and Daewoo Group, South
Korea's second-largest and fourth-largest industrial
groups, are asking their employees to sell their gold
rings, necklaces and coins to help the country raise
foreign currency.
Talk about desperate.that's like GE and EXXON
asking employees to hock private possessions to
help shareholders stay afloat!
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