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To: SBerglowe who wrote (88257)	7/23/2002 7:20:31 PM
From: SBerglowe	Respond to of 116741

Also: Have also heard that a major margin account has been covering profitable USD short positons to pay for equity market losses including equity positions put on as early as last week looking for a rebound. Midas

To: SBerglowe who wrote (88257)	7/23/2002 8:41:27 PM
From: gilbert leblanc	Read Replies (1) \| Respond to of 116741

Ceux qui ignorent l'histoire sont condamnés à la répéter. From Chapter 4: "In Goldman, Sachs we Trust" Investment Trusts Extracts from "The Great Crash: 1929", John Kenneth Galbraith, First Published 1955, Page 74 "For a long the the New York Stock Exchange looked with suspicion on the investment trusts; only in 1929 was listing permitted. Even then the Committee on the Stock List required an investment trust to post with the Exchange the book and market value of the securities held at the time of listing and once a year thereafter to provide an inventory of its holdings. This provision confied the listing of most of the investment trusts to Curb, Boston, Chicago, or other road company exchanges. Apart from its convenience, this refusal to disclose was throught to be a sensible precaution. Confidence in the investment judgement of the managers of the trusts was very high. To reveal the stocks they were selecting might, it was said, set off a dangerious boom in the securities they favoured. Historians have told with wonder of one of the promotions at the time of the South Sea Bubble. It was 'For an Undertaking which shall in due time be revealed'. The stock is said to have sold exceedingly well. As promotions the investment trusts were, on the record, more wonderful. They were undertakings the nature of which was never to be revealed, and their stock also sold exceedingly well." Extracts from "The Great Crash: 1929", John Kenneth Galbraith, First Published 1955, Page 89 "More investment trusts securities were offered in September of 1929 even than in August - the total was above $600 million. However, the nearly simultaneous promotion of Shenandoah and Blue Ridge was to stand as the pinnacle of new era finance. It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale."