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To: Knighty Tin who wrote (209688)	12/15/2002 6:24:19 PM
From: Tommaso	Respond to of 436258

9/11 sure killed the hell out of a reinsurance company whose owner I know (Fortress RE). Their Japanese investors have also gone bankrupt and are suing in every court they can get access to. There was another entity, Carolina RE, that was in Bermuda and had family members as owners. Looks like its fodder for the court system for years to come.

To: Knighty Tin who wrote (209688)	12/15/2002 9:14:50 PM
From: James F. Hopkins	Read Replies (3) \| Respond to of 436258

KT; The degree and amount of Voodoo I'm seeing in Taxing entities trying to shore up their book is really scary. You do remember Orange County, and how Merrill Lynch, sucked them into derivatives. Well that was years ago, and mostly forgotten the point I'm trying to make is the SEC or no other agency seems to have any restrictions on how States, Counties , cities,and so on manage their pension funds. We all look at how underfunded corporation pension funds are, but they don't hold a candle to State, County, & City pension funds. It's has to be in the trillions of dollars, as I'm finding all sort of Voodoo..wide spread and huge too. But no one want's to talk about it, when I ventured just a tad into the subject with a foreclosure attorney they got lock jaw. ------------ It's so damm big, even if I could get at the books I couldn't come up with a close number for years, it would take taht long or longer to add up all the worthless receivables that are on the books which they still show on the asset side. The bright side is they know that 90% of the receivables will never be paid, even though all they can do about it is whistle in the rain. I guess because they have the power to Tax the Fed regulators figure they can bail their own pension funds out and don't need a watch dog. To top it off they've been running up appraisal values hand over fist to add more hot air, and of course collect more taxes with out a rate increase. However that hasn't created enough money so the move to both raise rates and increase values is in the works. ------------ Voodoo, shit can't we find a stronger word for it. Jim