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To: Haim R. Branisteanu who wrote (55984)8/11/1999 8:08:00 AM
From: Activatecard  Respond to of 86076
 
Haim,

Article in the paper this morning indicated that a Moodys downgrade from A2 to A3 caused massive institutional redemptions. The company has borrowed short and lent long so their portfolio illiquid. Sounds like they may have some high quality IRID and AMZN bonds!
Mike Burke says that FRE and FNM have also borrowed short and lent long on a massive scale. I wonder if they are not in somewhat similar straits.

Steve