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To: elmatador who wrote (12107)	12/25/2001 8:43:37 PM
From: TobagoJack	Read Replies (1) \| Respond to of 74559

Hi Elmat, I wonder if QCOM has any of off-balance sheet obligations? Speaking of Ford ... "Assessing the risk of something even as plain vanilla as financing of auto loans is problematic for investors. Ford Motor (news/quote), for example, carries only $12 billion in debt on its balance sheet, 14 percent of its assets. But in the third quarter, Ford Motor Credit held $40 billion in operating leases. They are backed by the cars that Ford has leased, but in a distressed situation, it is not clear that those assets would have enough value to pay off the loans." nytimes.com Chugs, Jay