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Strategies & Market Trends : India Coffee House
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To: JPR who wrote (2860)9/25/1998 11:19:00 AM
From: Nandu  Read Replies (2) of 12475
 
Any particular stocks you guys are looking to daytrade
today?

Hey: If you and I go BELLY-UP, can we look for help from the Federal Reserve and the
banks and brokerage houses. Think of Chrysler from the past.

Have you read Michael Lewis's "Liar's Poker"? All that
build up in the first chapter about John Merriweather
(forgive spelling). Supposed to have steel cajones and
is a true "master of the universe" who knows exactly
what the market is going to do next, and if it doesn't do
what he wants it to do, he can make it! Well, it looks
like that didn't work that well with foreign markets.
Some of his interest rate arbitrage positions were
leveraged 80 times. Bet a dollar, loose eighty.

IMHO, very unfortunate they turned out to be too big
to fail. Chrysler had tens of thousands of employees
and a significant contribution to the US economy.
LTC has a handful of employees and no real productive
contribution to the economy. Still because of the
huge loans they had from the banks they couldn't
be allowed to fail. It is a "heads I win everything, tails
I loose nothing" situation.

Hopefully, this will result in some more scrutiny
of such hedge funds and an increase in margin
requirements for bond positions and maybe even
some government regulation.
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