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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (34141)10/19/1998 9:25:00 AM
From: PaperChase  Read Replies (1) of 132070
 
MB. What is your opinion on all the banks that have recently come out with statements saying their loans to hedge funds are fooly collateralized?

My B.S. detector tells me they are playing accounting games. Could they be using hoky assumptions like not recognizing losses on bonds (collateral) since these can be held for 30 years to maturity when they will receive the face value?

I agree with NY Post article that suggested the Fed lowered rates because another unseen problem will surface this week. Then again, I also believe the story he wanted to lower rates a couple of weeks ago by a greater percentage but did not want to put a squeeze on Long Term Capital's portfolio.
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