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Technology Stocks : Dell Technologies Inc.

DELL 128.09

-4.3%

9:54 AM EST

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To: Ken Beal who wrote (68828)	10/2/1998 12:43:00 PM
From: nihil	Read Replies (3) of 176387

OT RE: Federal Reserve ... Please understand that the New York Federal Reserve Bank is owned by the member banks (like Chase). It offered its "good offices" (actually its conference room) for what was a composition of creditors of LTCM. Apparently nobody, even the lenders, knew exactly what was going on but were absolutely scared witless. When the whole gory episode is over we may be able to understand how close we were to the edge. I think pretty close, because LTCM had worked itself into many collapsing spreads and swaps which, once they start to unravel could bring down everybody. The wigs decided that it wasn't worth the risk of a complete meltdown and ponied up. No body seemed to notice that no government or Fed money was involved. Of course it might not have been necessary, but, since its not my money, I'm glad they did it. A credit collapse destroys wealth. I prefer not to have wealth -- even other peoples' -- destroyed.

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