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To: FJB who wrote (46474)	6/20/1999 10:25:00 PM
From: Zeev Hed	Respond to of 53903

Robert that is a tough question, and my response is heavily "hypothetical", they have a long time frame in which to operate and are probably assuming that Cohen's scenario that we will have no "problems" for the next 12 months is "operative". I doubt that they will engage in actual collusion, but within "cliques" the stock will be recommended and will rise to achieve the conversion. Hoe they profit? Well, their underwriting part of the house can see many additional debt convertible debt and even secondaries, which will not go through if the stock languishes in the 30's but which will go smoothly if the stock has behind it a herd of Momo palyers, and of course a bunch of bulls. If they are going to squeeze additional "investment banking" profits from MU, they will have to get MU balance sheet in order (thus conversion). The reason I think that these events might be closer rather than farther is that this bull market is getting well aged, and no one knows when a real bad bad bear will come around. Maybe not until the first year of the next president, and maybe just around here (Autumn/winter?) so that we can be in "bull mood gain" for the coming election next year. If they smell problems closer (AG raising interest rates, worries about Y2K, PC market getting "soft" etc.), they have to rush, or else the window might close for another two years. Zeev