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To: who cares? who wrote (122765)	9/17/2001 1:17:28 PM
From: pater tenebrarum	Respond to of 436258

yep, that one's always been high on my list, for obvious reasons. i subscribe to the sandspring service, and their recent report on derivatives was very interesting...inter alia, it contained an account of a US bond fund that went bankrupt because JPM and a Swiss bank (i think Credit Suisse) didn't honor their rouble hedge - the fine print in the derivatives contract made it a worthless piece of paper. Sandspring suggests that this is the blue-print for the debacle, if and when it comes - derivatives contracts, instead of being honored, will largely end up in court when push comes to shove.