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To: yard_man who wrote (126702)	10/1/2001 7:00:36 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

Unboxed my LEN short at the close, bounce there is over, IMO.

To: yard_man who wrote (126702)	10/1/2001 7:11:42 PM
From: Oblomov	Read Replies (1) \| Respond to of 436258

Tip, I agree. I think that if the gov't has to step in, then the current shareholders will be sacrificed to make the loans whole. I also agree with Haim: that the GSEs will not be allowed to fail. But the conditions imposed on them in event of financial distress would be so onerous (essentially, I think that any GSE "aid package" would be structured as a loan, unless they could find a way to blame the blowup on the 9/11 attacks -ng-) that they would entirely lose their high ROE, and their luster to investors. The regulatory environment would change as well, making many of their current practices illegal. It's a gusty short, not one I'm considering though. I've been too busy studying the death rattle of CMA...(no position yet)