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To: sammaster who wrote (83261)	3/21/2001 1:15:44 AM
From: Michael Watkins	Respond to of 436258

>>p/e of 24 is way too high especially with earnings going down as well the p/e will be closer to 40 << Apparently people don't understand or believe that. Barry Ritholtz Clearing firm clearing out 3/20/01 8:54 PM ET A major international bank has decided to get out of the clearing business; The reason given? Too much market risk. Here’s the situation: A few correspondent firms (small BDs) went belly up, leaving losses near 8 million dollars. Not huge, but enough to frighten them away from the market. They are more a bank than a BD. Getting into the clearing business as the Nasdaq screamed thru 5000 was (apparently) a prudent business decision -- but there’s too much risk at Nazz 1850? Give me a break. For me, this is a great contrary indicator of absolute fear and loathing in the equity market. Its pretty unbelievable that most commentary written these days focusses solely on the Nasdaq and risk or lack or risk therein. I would have thought post-Nasdaq bubble bursting that people would be more eager to look around for other bubbles... EDIT, I see Janus ads are now featuring oil wells. Got redemption problems? EDIT EDIT, the bank getting out of clearing was mildly interesting too.