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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: Bill Murphy who wrote (6593)	6/23/1999 11:55:00 AM
From: Ahda	Read Replies (1) \| Respond to of 81023

If it isn't a fly you don't bother to swat it if you think it is you do. Good Luck Bill you are doing something right or you would not get swatted. Wednesday June 23, 11:23 am Eastern Time LTCM wants gold market manipulation claims retracted By Marius Bosch LONDON, June 23 (Reuters) - Giant hedge-fund Long-Term Capital Management has denied claims by a U.S.-based gold anti-trust group that it participated in manipulating the gold market and requested an immediate retraction, according to a solicitor's letter seen by Reuters. The Gold Anti-Trust Action Committee (GATA) said in April it had retained Philadelphia-based anti-trust and securities law firm Berger & Montague to investigate alleged gold market manipulation. GATA said it believed various financial institutions in the United States have colluded to hold the price of gold down. A letter from LTCM's general counsel James G. Richards, dated June 15, 1999 and posted on the internet, said the claims had no basis and requested immediate steps to retract the remarks posted on the GATA website (http://www.gata.org). Richards said in the letter that an affidavit from LTCM partner Eric Rosenfeld showed there were no basis for the claims and requested that the fund's name be removed from the list of firms being investigated by Berger & Montague. ''In addition, we request that your client take immediate and effective steps to retract the defamatory comments regarding LTCM which have appeared on its internet website and elsewhere,'' the letter said. GATA chairman Bill Murphy said the committee intended to reply formally through its lawyers in the near future. ''In essence, we never accused them of manipulating the gold market and do not understand why they said we did...,'' he said. In Rosenfeld's affidavit, he said neither LTCM, Long-Term Capital Portfolio or their affiliates had ever been involved in gold directly. ''None of LTCM, LTCP, nor their affiliates has ever entered into any transaction involving the purchase or sale of gold, including without limitation spot, forwards, option, futures, loans, borrowings, repurchases, coin or bullion, long or short, physical or derivative or in any other form whatsoever,'' the affidavit said. Rosenfeld said LTCM had entered into certain transactions for the account of LTCP which involved the purchase and sale of securities in six publicly-traded gold mining firms. LTCM was bailed out by a consortium of banks led by the U.S. Federal Reserve last year after overextending its risk, coming close to ruin and threatening dozens of leading banks and brokers with millions of dollars in losses. The Wall Street Journal said this week that Long-Term Capital founder John Meriwether plans to wind down the fund and start a new venture whose investments would range from mortgage securitisations to leveraged buyouts.