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To: LLCF who wrote (147586)	1/31/2002 4:41:46 PM
From: Knighty Tin	Respond to of 436258

DAK, My understanding is that the US Treasury tends to do well out of trading. Just think about a system where you get 39% of every winning year of trading and pay 39% of every losing year of trading. But your 39% share of winnings is to infinity while your losses are capped at $3000 a year. What a sweet arrangement. <g>

To: LLCF who wrote (147586)	1/31/2002 4:44:25 PM
From: patron_anejo_por_favor	Respond to of 436258

Meanwhile, back in the bond casino, corporate defaults set new all-time world and olympic records! cbs.marketwatch.com; 4:29pm 01/31/02 Global defaults set records in Jan.:S&P By Julie Rannazzisi Rating agency Standard & Poor's said defaults by issuers across the globe have set "multiple records" in January 2002. S&P said 41 issuers with a combined $31.3 billion in rated bonds defaulted, with both the count and volume surpassing even the largest peak in any preceding monthly period. The industrial sector represented 54 percent of default counts, with 22 defaults on rated bonds across the globe in January. Totaling $6.4 billion in rated bonds, the largest three industrial defaulting issuers Kmart, Polymer Group and United Globalcom. The 11 defaults in the telecom sector, representing 27 percent by count and 53 percent by volume, included $16.4 billion of rated bonds. Global Crossing contributed to nearly half of that figure. Unsurprisingly, given the sovereign selective default of Argentina in November of last year, defaults of Argentine issuers were high, with 18 defaulting issuers on $9.5 billion in rated bonds. Clear concentration of activity was within the telecommunications and utility sectors,