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To: pater tenebrarum who wrote (110857)	6/29/2001 8:18:07 PM
From: Lucretius	Read Replies (2) \| Respond to of 436258

no data from dec point??

To: pater tenebrarum who wrote (110857)	6/30/2001 4:26:30 AM
From: Fun-da-Mental#1	Read Replies (2) \| Respond to of 436258

It seems to me gold stocks don't do very well while the market is dropping, but then when it's bottoming out they take off. I see this pattern recently and in history (1934, 1975, 1998) Fun-da-Mental

To: pater tenebrarum who wrote (110857)	7/1/2001 4:50:57 PM
From: Lucretius	Read Replies (3) \| Respond to of 436258

sandspring.com HO HO HO

To: pater tenebrarum who wrote (110857)	7/2/2001 9:38:46 AM
From: timers	Respond to of 436258

what's with rgld today

To: pater tenebrarum who wrote (110857)	7/3/2001 5:56:44 PM
From: Dr. Jeff	Read Replies (1) \| Respond to of 436258

Federal Regulators Decry 'Critical Flaws' In SEC Rules for Banks' Securities Work By MICHAEL SCHROEDER Staff Reporter of THE WALL STREET JOURNAL WASHINGTON -- Federal bank regulators, moving to protect their turf amid major changes in the financial-services industry, blasted the Securities and Exchange Commission for extending its oversight of banks' securities operations. Citing what they called "critical flaws" in the rules, the Fed, Treasury Department and Federal Deposit Insurance Corp. said the SEC's move could hamstring banks that do securities work for customers. In a letter sent Friday and released Monday, they urged the SEC to reconsider its approach and give banks a one-year grace period for compliance with whatever new rules are ultimately approved. The letter follows complaints about the SEC's rules by the banking industry. In early June, the American Bankers Association and the ABA Securities Association wrote the SEC arguing the agency "has ignored congressional directives" on updating bank oversight. The dispute stems from the 1999 Gramm Leach Bliley Act, landmark legislation that allows banks, brokerages and insurers to merge and offer a full range of financial services. Under the law, the SEC was ordered to define what kind of securities businesses banks could operate without its direct supervision. Bank officials and bank regulators complain that the rules, issued in May, draw those lines too narrowly, imposing a layer of regulations on financial institutions. The financial regulators, while they cooperate on many matters, mistrust each other. SEC officials have said during the past that bank regulators are too soft. Bank regulators sometimes complain that the enforcement-minded SEC is too aggressive. Banks believe the legislation gives them authority to offer more brokerage services within banks, rather than in separate broker-dealer affiliates over which the SEC has oversight. The new regulations remove blanket exemptions for banks in favor of more specific, financial-service-focused exemptions, the letter said. The letter was signed by Fed Chairman Alan Greenspan, FDIC Chairwoman Donna Tanoue, and John Hawke, the Treasury's comptroller of the currency. The rules affect banks' abilities to provide normal trust and fiduciary activities, to offer investment advice and to act as a liaison between customers and registered broker-dealers, bank regulators say. "The rules will significantly disrupt and may force discontinuation of major lines of business for banks," the letter said. In writing the rules, the SEC has said Gramm Leach Bliley wasn't intended to provide a loophole for banks to place big brokerage operations within banks -- and out of reach of the SEC's regulation. In a statement Monday, the SEC said, "The commission welcomes comments on the rules and urges all interested parties to provide specific practical comments on the rules as written." Annette Nazareth, director of the SEC's division of market regulation, opened the door for the agency to delay implementation of possible revisions to the rule. "If the commission makes significant changes, we understand that additional time would be needed to adjust to those changes," she said in a recent letter to the ABA Securities Association. Write to Michael Schroeder at mike.schroeder@wsj.com interactive.wsj.com