Orbit: Thanks for WashPost story; I read that this will also be front page in tomorrow's NY Times. Probably back page in Wall Street Journal, wouldn't want to embarrass their best advertisers, you know.
By the way, I was only off by one letter in my earlier recounting of the Moneyline report, the letter being B for billions, instead of M for millions.ggg
As the story says, to people like Merriwether, what's the difference when you're playing with other people's money, one million, no 10 million, no 5 billion, what the hell, 1 TRILLION.
It also always reassuring that the Federal Reserve is there to help bail out these pirates; does this have anything to do with Allan Greenspan's tipoff on an interest rate cut today in Washington?
I'm looking forward to an objective analysis of the significance of this event, and the implications for other hedge funds potential problems, that may not have yet risen to the surface. Perhaps the Long Term fiasco has enough potential for financial choas without others.
Will be interesting to see the forward look the Goldman Sack, Citigroup, Merrill Lynch, et al give on thier upcoming earnings statements. They have already begun to prewarn of overseas "trading losses" for this quarter. What may lie ahead? And many have had their stock price cut in half(big rally today with the Greenspan bs, however).
I am at once intrigued and disgusted by these clowns; " we earn money the old-fashioned way...derivatives"ggg
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