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To: yard_man who wrote (7021)	9/25/1998 1:38:00 PM
From: Joseph G.	Read Replies (2) of 86076

<<'We have expressed our reservation regarding the LTCM bailout,'' said the dealer who asked not to be identified. ''There are obvious questions this deal raises, mainly at a time when the United States is urging Japan to get rid of the 'convoy system'.'' Japan's ''convoy system'' involved the Ministry of Finance enticing large Japanese financial institutions to take an equity stake in insolvent entities or resorting to other measures to prevent failures. The New York Fed on Wednesday held a meeting to prevent the imminent failure of LTCM. According to market sources, 15 U.S. and foreign financial institutions contributed a total of about $3.75 billion that brought the fund's capitalization to about $4 billion. ''We understand the Fed wanted to avoid systemic risk as LTCM was going to go under and leave many creditors out in the cold. But the rescue package has weakened these firms,'' the source added.>> Why is it I have a feeling this time around the Fed itself is going to get busted?

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