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To: John Vosilla who wrote (50905)	1/23/2006 10:37:07 AM
From: shades	Read Replies (1) \| Respond to of 110194

DJ Fed Buys Treasurys Outright In `Coupon Pass' . NEW YORK (Dow Jones)--The Federal Reserve Bank of New York confirmed Monday that it is buying outright U.S. Treasury securities maturing Feb. 15, 2014, through Feb. 15, 2026. The Fed said it's seeking dealer responses by 11 a.m. EST (1600 GMT). The securities will be for delivery Tuesday. The Fed said there are 26 exclusions to the pass. The Fed often buys outright Treasury notes and bonds - commonly known in the market as a "coupon pass" - to permanently add reserves to the banking system.

To: John Vosilla who wrote (50905)	1/23/2006 10:43:59 AM
From: shades	Read Replies (2) \| Respond to of 110194

=DJ THE SKEPTIC: Italy Won't Let Alitalia Go Bust, Yet . By Luca Di Leo A DOW JONES NEWSWIRES COLUMN ROME (Dow Jones)--The Italian government is talking tough on Alitalia (AZA.MI), but that doesn't mean it's about to let the flagship carrier go bust less than 80 days before general elections. On Monday it was Labor Minister Roberto Maroni's turn. He told La Repubblica that continued protests from workers could lead to Alitalia going bankrupt, and the state-controlled carrier's stock promptly fell more than 7%. Indeed, sounding very much like the CEO of a U.S. airline facing Chapter 11, Maroni said bankruptcy could be positive: "To allow a company that is in crisis to be reborn and to really compete on the market, you need to re-found it." If Maroni were serious, it would be a refreshing dose of realism. Past rescue efforts - typically involving taxpayers pouring in billions - haven't restored profitability. And the carrier is again likely to eat up the cash it got last year - from the EUR1 billion rights issue linked to job cuts that are behind the most recent labor trouble - with little to show for it. So why not go bankrupt? After all, that's what happened in Belgium four years ago, when Sabena failed after unions refused to accept job cuts. The airline has since been relaunched as SN Brussels Airlines (SBN.YY). It's a nice idea, but don't hold your breath. Bankruptcy is unlikely to be Alitalia's fate at the Wednesday meeting between government officials and workers representatives at Prime Minister Silvio Berlusconi's offices. Berlusconi is already trailing in opinion polls ahead of elections April 9, and letting Alitalia go bust would worsen his chances even further. Passengers may be frustrated by the strikes, but at the end of the day Italians remain attached to what has been a national icon for decades. As Berlusconi told a radio show Monday, "There's national pride involved with our flag carrier." And another government minister said Monday that letting Alitalia go bankrupt would be "madness." All told, Maroni's tough talk is more an effort to strongarm the workers into dropping their strikes than a concerted effort to finally let market forces decide Alitalia's fate - at least for now. (Luca Di Leo has been an economic news reporter since 1998, and has reported on international finance and business for Dow Jones Newswires - from London and now Rome - since 2001. He can be reached at +39 06 678 2543 or by e-mail: luca.dileo@dowjones.com) (END) Dow Jones Newswires