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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: BGR who wrote (71656)	12/10/1999 9:14:00 AM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

BGR, >>And if he raised after the expiration, then he would be blamed to be responsible for blatant transfer of wealth from the banks to those who were holding the other side of the trades.<<< Nonsense. The market had already broken and the positions, losses, and gains should have essentially been a done deal with a day or 2 to go. It was a deliberate ramp job that transferred wealth from the public to the connected. The heavy public put buying prior to the break and the very poor position of Wall St. after the melt down is pretty much documented. >>And how exactly is Greenspan responsible for the house of cards built on derivatives?<< He is not responsible for the derivatives. He is however responsible for the all the leveraged positions in bonds, stocks, and perhaps credit used to finance derivative positions. The ramp job and things LTCM etc... are both related and unrelated. Wayne

To: BGR who wrote (71656)	12/10/1999 10:13:00 AM
From: Mike M2	Read Replies (1) \| Respond to of 132070

BGR, AG along with Bob Rubin fought the head of the CFTC ? in her attempts to push for more regulation of derivatives. They did this for the benefit of Wall St at the expense of the public. The magnitude of the derivtives outstanding suggests to me that there is much speculation not hedging going on. Hedging does not eliminate risk for the market it merely transfer risk. if anything it makes the market more vulnerable because it encourages excess speculation and risk taking. In addition, heavy use of derivatives tends to exaaggerate moves in markets due to delta hedging. Mike ho ho ho