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Gold/Mining/Energy : Gold Price Monitor
GDXJ 96.90+0.9%Nov 18 4:00 PM EST
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To: Little Joe who wrote (21867)10/17/1998 3:38:00 PM
From: waldo  Read Replies (1) of 116762
 
From Kitco via USAGOLD Forum:

>>David Linkley (10/17/98; 12:45:44MDT - Msg ID:620)
INCREDIBLE. Didn't know they could do this.
The following found on Prudential's client disclosure statement. Posted at the Kitco site by High Rise:
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Have you read the disclaimers in their (Prudential's) most recent statements. They are very bluntly stating that their trading partners may default on them.

"The majority of the Company's derivative transactions are short-term in duration, with approximately $67.1 Billion of notional or contract amounts maturing within one year of which approximately $64 Billion mature within three months."

".....which may impair the counterparties' ability to satisfy their obligations to the company"

"...may require the Company to pledge client securities as collateral in support of various secured financing sources such as bank loans, securities loaned and..."

"..these activities may expose the Company to off-balance sheet risk in the event a client is unable to fullfill its contractual obligations."

No wonder Ralph Ackempora looked like he had a load in his pants the last few weeks.

From Prudential Securities Consolidated Statement.

If you read the SEC disclosure information for just about all of the Banks, Brokers, Insurance cos. etc. you will see that they are all over leveraged in the Derivative markets and are cross invested with each other, therefore no one has any idea of how severe the problem is.

HighRise
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W
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