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Politics : Ask Michael Burke
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To: pat pasquale who wrote (45338)2/1/1999 8:35:00 PM
From: Knighty Tin  Read Replies (3) of 132070
 
PP, I hate the banking sector, though I hate the regionals more than the money centers right now. FTU has been one of my best performing put positions.

CMB and the other money center banks made profits last quarter because the Fed gave them the nudge, nudge, wink, wink before they cut rates recklessly. Though it is certainly possible that the Fed will continue to act this way, I think it is a bad bet. And without the Fed telling them the results ahead of time, the money center banks have proven that they will always zig when they should have zagged. The Latin America exposure is scary and even in the domestic loans, spreads are narrowing dramatically. Only derivative gambling allows them to have any chance at a growth rate. Or bankruptcy. So, I wouldn't buy them.

MB
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