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Strategies & Market Trends : Hedge Funds
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To: Marty Rubin who wrote ()9/28/1998 11:50:00 AM
From: Marty Rubin   of 120
 
"No systemic risk to U.S. from hedge fund-Rubin"
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Monday September 28, 11:31 am Eastern Time

No systemic risk to U.S. from hedge fund-Rubin

WASHINGTON, Sept 28 (Reuters) - U.S. Treasury Secretary Robert Rubin said on Monday he saw no systemic risk to the U.S. economy from the problems faced by hedge fund Long-Term Capital Management.

Asked whether he saw a risk of LTCM's problems causing a credit crunch, he said: ''I don't see why that should happen.''

''I think the issues are indicative of the kinds of problems that the international community and domestic financial institutions are dealing with as the world works itself through a very difficult time,'' he added.

Rubin was speaking at an event to announce a series of awards under Treasury's Community Development Financial Institutions Fund.

He said the bailout for LTCM was agreed to by private banks because it was in their own interest. ''I don't see those actions as indicative of systemic problems,'' he said. Rubin added that the Treasury Department had been in close contact with the Federal Reserve as the plans for LTCM's bailout were drawn up.

''We were conversant with the Fed's involvement in LTCM,'' he said.

(http://biz.yahoo.com/rf/980928/uu.html)
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