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Politics : Ask Michael Burke
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To: Jess Beltz who wrote (41321)12/29/1998 1:06:00 PM
From: Mike M2  Read Replies (2) of 132070
 
Jess, yes AG sought to save the banks but he also encourages the use of extreme leverage by bailing out funds or banks who get into trouble. If your typical run of the mill money manager without friends in high places had run a fund to the brink of insolvency he would have been fired. That fact that the reckless gamblers are still at the helm is an example of crony capitalism -American style. BTW I heard the partners of LTCM got a substantial bonus. AG's " timely intervention" only assures that the inevitable collapse will be more devastating in the end. Mike
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