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To: mishedlo who wrote (208133)	12/5/2002 11:16:14 PM
From: ild	Respond to of 436258

From today's contraryinvestor.com on UAL ... So now bondholders, stockholders and employees will certainly be dealt a good dose of real financial pain directly ahead. Humble question. Did LTCM really have a sound business plan which justified why their Wall Street and big bank counter parties were instantaneously bailed out by the very institutions that Fisher and Gramlich represent? Why were the major money center banks bailed out of south of the border lending fiascos when they had clearly made real world operating decision making mistakes? Their shareholders and bondholders felt about zero pain, to say nothing of their employees. We didn't see any big bank or sell side derivatives traders lose their jobs post the LTCM debacle. Oh well, we guess some companies are simply more equal than others, now aren't they? We have some very humble advice for UAL as a plan of action for the impending bankruptcy reorg. Use your capital to start making foreign loans, entering into interest rate derivatives contracts with credit risk well above your equity capacity, start trading swaptions and inverse floaters, be the backer for credit derivatives, just junk the flying the planes idea and you won't have this bail out problem next time. If you do run into financial trouble for any reason you probably won't even have to ask to be helped. Doesn't this new plan seem to make more sense?