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To: LLCF who wrote (17839)	4/5/2002 8:20:05 AM
From: AC Flyer	Respond to of 74559

>>CSFP [my almamatter]<< CSFP? Credit Suisse First Poston?

To: LLCF who wrote (17839)	4/5/2002 3:59:19 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 74559

LLCF, Re: that's why CSFP [my almamatter] got kicked out of Japan, the showed the banks how they could do these neat trades to get arounds showing losses even when they took them. There was a fascinating section of Frank Partnoy's intriguing book "FIASCO" that described how Morgan Stanley structured derivative tools for the Japanese banks to do exactly that in the mid 1990's. Essentially, they'd borrow short in order to show a profit on the derivative trade, and then have a bigger headache 3 or 4 years down the line. It was a classic scam. -Ray