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To: long-gone who wrote (76105)	9/11/2001 11:08:55 PM
From: Richnorth	Read Replies (1) \| Respond to of 116827

US Banks have something to hide????? ============================= "LOOK AT WEAKER COUNTRIES, NOT US!" US rebuffs IMF bid to audit banks WASHINGTON - The United States is resisting a push by the International Monetary Fund (IMF) to examine the health of the US banks, arguing that the IMF's time would be better spent checking up on weaker countries first, a government official said. The US reluctance puts the Bush administration at odds with the fund's board, which has called for a review of US lenders. It also comes days after Japan refused to allow the IMF to undertake a similar checkup, before that nation backed down. Advertisement 'In light of the importance of the United States as a global capital market and recent legislation in the financial area,' said the IMF board, it would be 'useful' if the US participated in the banking studies. The legislation the IMF referred to removed the barriers separating the business of banks, securities companies and insurers. The IMF began the audits last year at the urging of the US, Japan and other industrialised nations. They wanted the reviews to focus on emerging-market economies, where banks engaged in speculative real estate lending and other practices that contributed to the near-collapse of some Asian economies in 1997. The US official, who declined to be identified further, said the nation's financial system is the world's healthiest and most transparent, and given its size, would take years for the IMF to study. The IMF report does not disagree, calling US lenders 'profitable, well-diversified and strongly capitalised' and warning only of potential dangers in the use of risk- management devices such as derivatives. Still, the clash over a review is a sign of the tension between the fund and its biggest shareholders as the IMF, under the 15-month administration of Mr Horst Koehler, increases its criticism of policy-makers in the rich nations.--Bloomberg News