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To: timers who wrote (83207)	3/20/2001 10:23:56 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

its origin i'm not certain of either, but it's a reference to his propensity to bail out speculators at every conceivable turn, beginning with '87.

To: timers who wrote (83207)	3/20/2001 11:19:08 PM
From: LLCF	Respond to of 436258

Coined on IBank derivative desks as far as I know... we used to "skew" the puts on ever lower strikes like nuts because the thinking went that [example] with IBM @ 100, the 70 and 40 stikes are nearly equally likely to be violated [ie. nearly zero chance except crash]...the mantra was 'never be short the little stuff'... at some point the large players felt this was no longer the case because greenspan bailed out the market when ever it looked ugly... ie. chance of crash and need to 'skew' was removed. Vol curves became much flatter over time. DAK