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To: Skeeter Bug who wrote (120216)	3/12/2001 12:28:49 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

>all i see is bad news on top of bad news SB, lets all move to China. Morgan Stanley has. It appears its the only safe place out there. >Morgan Stanley Dean Witter Eyes China's Capital Market BEIJING, Mar 12, 2001 (Xinhua via COMTEX) -- "China has very good economic policy including fiscal and monetary policies. I believe that China's position in the world's economy will rise," Philip J. Purcell, chairman and chief executive officer of Morgan Stanley Dean Witer, said in a recent interview with Xinhua. As the first trip to Beijing, Purcell came here to meet the company's customers and acquaint himself with China's economic reforms. China has made progress in State-owned enterprise reform, stock-holding ownership and capital market, he said. "The economic growth of many countries has slowed down. The United States is almost posting zero growth. Europe is a little better than the United States. Japan has been involved in problems for many years. China is by far the strongest economy in the world, " he said. He was deeply impressed with China's involvement in globalization during the current trip to Beijing. The accountant standard, enterprise management and market control are all keeping in line with international practices, he said. "The State Securities Regulatory Commission of China is striving to make markets more open, fair and liquid. No one could complete the transition of this large size so quickly," he said. Morgan Stanley Dean Witter started to explore the Chinese market in the 1980s. It set up offices respectively in Beijing and Shanghai in 1994 and set up the China International Capital Co. (CICC), the first Sino-foreign investment bank in China, in cooperation with the China Construction Bank in 1995. In 2000, it arranged IPOs for four Chinese companies, namely the Asiainfo, Sina, China Unicom and Sinopec. It is making preparations for the listing of China Telecom and China Aluminum. It is also interested in the A-share market, bond market, assets management and enterprises mergers. Headquartered in New York, Morgan Stanley Dean Witter has 600 offices across the world.

To: Skeeter Bug who wrote (120216)	3/12/2001 12:42:39 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Sb, this kind of news breaks my heart. There's nothing worse than seeing a slut struggle. I've been short the sluts and I'm damm proud of it! There's more to making money here. I consider it to be a moral victory! >U.S. investment banking business has fallen off a cliff. That's clearly bad news for Wall Street, which made a pretty penny underwriting stock and advising companies on mergers and acquisitions until a year ago. Though the biggest investment banks are already feeling the pinch, some will likely suffer more than others in a protracted economic downturn, including those firms that rely heavily on fees from stock underwriting and M&A advisory, such as Goldman Sachs (GS chart, msgs) and Morgan Stanley Dean Witter (MWD chart, msgs), both downgraded by Merrill Lynch on Feb. 28. It shouldn't have been this way. Brokerage stocks rallied ahead of this winter's much-anticipated interest rate cuts by the Federal Reserve Board. "By the time the rate cuts happened, the brokers were priced to perfection. And it's hardly in a perfect environment for the brokers," says Ken Worthington, brokerage analyst at CIBC World Markets. U.S. companies have raised just $3.8 billion so far this year in 21 initial public stock offerings, compared with $11.3 billion in 82 deals through March 9, 2000, according to Thomson Financial Securities Data. Investment bankers are still generating substantial M&A fees, but nothing like this time a year ago. So far this year, they have advised companies on 192 mergers worth $101 billion, compared with advisory work through the same period last year on 553 deals valued at $425 billion. Last week, Bear Stearns (BSC chart, msgs) kicked of the latest round of layoffs on Wall Street, cutting 3,000 jobs from its workforce. If current trends continue, more firms are sure to follow. "It had been the case that firms were afraid to fire because they were afraid to lose market share," says Worthington, referring to fears that departing employees will take business with them to other firms. "But if the market continues to be weak for the next two quarters, I expect that we'll see more layoffs."