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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (25723)	9/14/1999 11:07:00 AM
From: Sharise Brown	Read Replies (1) \| Respond to of 99985

> how FINANCIAL FRAUD is defined. That's a very difficult question, but my take on the Marty news is that, if you borrowed yen at 120 and must repurchase yen at 105, you have lost 12.5 % of your borrowing par. Yen borrowings at .5% used to buy dollars to purchase treasuries at 120 earning 5.5% turns into disaster at 105 yen to the Dollar. Short term (90 day) settlements are losing around 15% gross as of today. Armstrong was likely covering his heavy action with sure thing yen treasury deals. He got caught with his pants half up and half down at the same time. Long Term Capital Management went down for the same reason. There are all kinds of such dealings going on. Armstrong was a articularly aggressive bettor. Japanese company functionaries are not equipped to deal with American crooks. They are easy marks. Notice: Crooks might be to harsh of a word. I'm not very good at semantics.