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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.88

+0.9%

Nov 18 4:00 PM EST

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To: waldo who wrote (21868)	10/17/1998 5:13:00 PM
From: Stephen O	Read Replies (2) of 116762

Does anyone know when this disclaimer started appearing on Prudentials statements and is such a message appearing on other companies statements? "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." 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. This is very scary stuff. Rate cuts of 200 BPS in the near future?

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