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Strategies & Market Trends : Hedge Funds

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To: Marty Rubin who wrote (41)	10/15/1998 12:00:00 PM
From: Marty Rubin	of 120

Friday October 9, 7:15 pm Eastern Time CORRECTED - LTCM did U.S. a disservice -- former Soros manager In Chicago story ''LTCM did U.S. a disservice -- former Soros manager'' the sixth paragraph should read ''(Investor) Warren Buffett...'' (correcting spelling of name from Buffett) A corrected repetition follows. CHICAGO, Oct. 9 (Reuters) - A former Soros Fund managing director said on Friday that the troubled hedge fund Long-Term Capital Management (LTCM) hurt the United States by raising doubts about the country's financial market system. ''(LTCM founder) John Meriwether did the United States a real disservice,'' Robert Johnson told a conference on the Asia crisis organized by the Federal Reserve Bank of Chicago. "The scale (of the damage) to the U.S. and U.S.-type system is very, very large. ''The United States is becoming quite isolated...Other countries...are not quite in love with markets as we are.'' Johnson expressed surprise that Meriwether remained at LTCM after his firm was rescued on September 23 by 14 financial institutions with an oversight committee to run the hedge fund. ''(Investor) Warren Buffett (corrects) would have fired him,'' Johnson said, referring to Buffett's offer this summer to buy LTCM. Johnson also forecast a marked U.S. economic slowdown in 1999, as well as a deepening of the recession in Japan, in part due to the financial turmoil now affecting many countries. (http://biz.yahoo.com/rf/981009/bft.html)

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