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To: lee kramer who wrote (96136)	5/4/2000 12:48:00 PM
From: Bob Biersack	Read Replies (1) \| Respond to of 120523

OT: Lee been busy trying to solve "I LOVE YOU" virus this morning...one of our astute Scholars opened it!!!! Now the whole University is infected

To: lee kramer who wrote (96136)	5/4/2000 1:20:00 PM
From: Lane Hall-Witt	Read Replies (1) \| Respond to of 120523

Lee: I'm certainly glad the Fed stepped in and helped sort out the situation with Long Term. As is the case with many of us here, I benefited big from the fact that the Fed was assertive and "saved" the market. But that episode has left Greenspan in a difficult position. He has to talk tough and say no one is too big to fail so the big players won't feel like they have free license to act without risk. At the same time, though, his record says precisely the opposite: when necessary, the Fed will in fact step in and mobilize a bailout. Under the circumstances, I think Greenspan did the best he could do. He helped create an environment wherein Long Term's positions could be unwound without undermining the global financial system. Long Term essentially went out of business. John Meriwether and his goon squad were utterly humiliated. The only people who should have gotten hurt worse were the institutions that loaned Long Term so much money that it became leveraged by several thousand percent of equity. They should have been dealt a lesson. But you can't have everything--. LOL!