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To: Glenn D. Rudolph who wrote (97793)	3/30/2000 1:17:00 AM
From: GST	Respond to of 164684

Sony aims to start online banking in 1st half 2001 TOKYO, March 30 (Reuters) - Sony Corp said on Thursday it aims to set up by the first half of 2001 an Internet bank planned in Japan in cooperation with Sakura Bank and J.P. Morgan (NYSE:JPM - news). ``We want the Financial Supervisory Agency to inspect our business plans so that we can start operation in the first half of next year,' Sony Executive Deputy President Tamotsu Iba told a news conference. He added that the online bank, which is to focus on services to individual consumers, would aim to be profitable within three years. Sakura Bank will take a 16 percent stake and J.P. Morgan a four percent holding in the Internet bank, with Sony owning the remaining 80 percent. The new bank will be capitalised at 37.5 billion yen ($354.8 million). The move is part of intensifying efforts by non-financial companies to tap Japan's lucrative retail financial services market. Asked about the possibility that Sony may cooperate in online banking with retailing Ito-Yokado Co Ltd , which also plans to move into banking services, Iba said: ``There would be advantages if we could form an alliance with Ito-Yokado to use their ATM network.' ($1=105.69 Yen)

To: Glenn D. Rudolph who wrote (97793)	3/30/2000 3:33:00 AM
From: GST	Read Replies (4) \| Respond to of 164684

Glenn: as per Cohen, what would the market look like if everybody tried to sell 5% of their holdings, say in one week? Lets see -- ten trillion in market cap, less 5% is a withdrawal of something like $500 billion -- assuming of course that there would be no more than 5% selling and assuming that valuations are unaffected and assuming that there would be no margin calls -- weak assumptions, yes? It would be a substantial withdrawal -- yes? How far down would that drive prices? Five percent? Ten percent? Twenty percent? Thirty percent? Fifty percent? No way of knowing how far or how fast. And how far down for the airballs/dungballs? No way of knowing, but they would be the ones most affected. So Abbey is saying move quietly to the exits and try not to panic the other chickens in the barnyard -- so far so good -- but good luck on keeping it quiet. And when the rush for the exits begins in earnest -- it will be too late. Good luck.