GS--I love this part of that link>>""What is needed in Japan is for the Government to use
public money to relieve the banks of the bad debts.""
Anyone remember the S+L bailout? James Keating? How about that bald bastard and his lovely ex-wife from Arkansas?
Sonny and Cher used to have a song, """And the beat goes on."""
The banks that have mismanaged their capital should disappear.
This story sounds more like a story about gold>>LONDON, Jan 11 - Regent Pacific Group Ltd's chairman Jim Mellon said Hong
Kong's Hang Seng index could halve from current levels before it recovers, the Sunday Times
newspaper said on Sunday.
''I hate picking movements in indices but I would predict the Hang Seng could fall to 4,000 or
5,000 before it bottoms,'' the paper quoted Mellon from the Hong Kong-based global emerging
markets investment house as having said.
According to the Sunday Times, Mellon also said: ''I don't think anything can stop a freefall in
Hong Kong. There will be one more downward spiral involving the collapse of the Hong Kong
market and the Hong Kong dollar.''
The Hang Seng lost 3.89 percent (359.89 points) last Friday to close at 8,894.64. It ended 1997
at 10,722.76, and has thus lost just over 17 percent since.
The Hong Kong dollar, by comparison, has been held within a few cents of 7.75 to the dollar
throughout the 1990s, or time immemorial in forex market terms.
It is the only Asian currency which has not lost significant ground against the U.S. dollar in the past
six months.
Regent Pacific, which was floated last May, concentrates on fund management, corporate finance,
corporate investment and security brokerage.
It also provides investment management and advisory services in emerging markets to institutional
and professional investors worldwide. |
