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To: Ken98 who wrote (79927)	12/16/1999 12:53:00 PM
From: pater tenebrarum	Respond to of 86076

Ken, i have no idea...but i'll find out. it's possible that i know this operation under a different term, but let me make sure. in the meantime, a theory from the BEARX board as to why Greenspam is flooding the market with liquidity: A theory Posted By: Tcollins <helic@mediaone.net> Date: Thursday, 12/16/99, at 9:45 a.m. In Response To: What's Greenspan worried about? (The Bond Man) Greenspan owns only bonds but his new wife is a stock investor. Maybe he has to sleep on the couch when the markets fall!

To: Ken98 who wrote (79927)	12/16/1999 1:15:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

Ken, as suspected, it's yet another back door way to add liquidity to the system: Bank's act as depositories for the U.S. Treasury when commercial accounts make their tax payments through those Banks. These funds are collateralized by the Bank's securities held at the Federal Reserve. There is an agreed limit on the total amount the bank may hold. Treasury may call these amounts at any time. When Treasury has excess tax receipts they may directly deposit to participating banks under the loan program. Bank's pay a rate close to Fed Funds. so, instead of repo's and coupon passes, they're coming up with this trick now.