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To: John Hunt who wrote (15755)	5/19/1998 7:09:00 AM
From: John Hunt	Read Replies (2) of 18056

The Banks' Nuclear Secrets pathfinder.com << Derivatives are a kind of nuclear financial instrument. They are powerful and highly complicated agreements designed to offset certain financial risks. Under steady conditions they work well. But in derivatives, like nuclear mishaps, there are no small accidents. And as the Asian economic crisis worsens -- and in Indonesia's case nears catastrophe -- the financial Geiger counters are beginning to buzz. >> << And now comes the bad news. Some $10 trillion (yes, $10,000,000,000,000) in derivative contracts are set to mature this year for U.S. bankers, and the U.S. bankers are holding their collective breath to see which of their Asian clients will pay up. Many won't. "Those who believe there won't be any further derivative losses from Asia couldn't be more mistaken," says Edward Furash, a bank consultant based in Washington. >>

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