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To: LLCF who wrote (25996)	10/9/2000 4:06:14 PM
From: Ken98	Respond to of 436258

Yep, they are "one time" events once they actually occur (which will be fought tooth and nail). Money going to heaven - "assets" of the bank being removed from their FRB account. The exact opposite of of coupon pass. The other important thing being that bankers being bankers, after they are burned on an asset class by a borrower, they shun the whole asset class. Given that most New Era telcos need constant infusions of additional debt capital to survive, any reduction in liquidity to that sector will have detrimental effects on those businesses.