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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: John Hunt who wrote (9075)	11/23/1997 12:03:00 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 18056

John, Sorry, I thought it was only in the case the brokerage house had acted inappropriately with my funds or the funds that consitute the wealth of the brokerage house. I realize my stock certificates have to be transfered to me and mutual fund assets will also be transferred in currency. But in the case of mismanagement of a mutual fund the SPIC will pay be more than the fund is worth at current value and will pay me a value relative to what the mismanagement caused. I looked into this indepth when I became the treasurer of an organization and my research told me that the SPIC coverage was only for mismanagement. For example if I would put the organizations cash into a money market fund backed by stocks and bonds and the manager mismanaged the fund I would get help from the SPIC, but it could be x cents on the $. But on the other hand if I put the organizations money in CD's backed by FDIC banks then I was covered by the $100,000 insurance for each bank I had bought the CD's from. Now if the brokerage house held these CD's in street name the FDIC still pays the insurance. Also if I keep working capital in money market funds backed by the US government instruments these are as safe as the securities backing the fund. This is what I learned. It could be all wrong. Joan

To: John Hunt who wrote (9075)	11/23/1997 4:00:00 PM
From: John Hunt	Read Replies (2) \| Respond to of 18056

A joke while we are waiting for the disaster du jour. The Hong Kong part is beginning to sound like Asia in general. <<< ggg >>> John ****** The Cow Business under Different Cultures: BRITISH DEMOCRACY: You have 2 cows. You feed them sheeps' brains and they go mad. The government doesn't do anything. BUREAUCRACY: You have 2 cows. At first the government regulates what you can feed them and when you can milk them. Then it pays you not to milk them. After that it takes both, shoots one, milks the other and pours the milk down the drain. Then it requires you to fill out forms accounting for the missing cows. CAPITALISM: You have 2 cows. You sell one and buy a bull which you use to breed the other cow as well as every other cow in the area. Then you start exporting sperm from the bull to emerging markets. After several years of expansion, your company issues an IPO to be listed on the NYSE. The SEC eventually takes legal proceedings against you and your spouse for insider trading. After a lengthy court battle, you are found guilty and sentenced to 10 years in prison, of which you actually serve 7 weeks. When you come out of prison, you buy 2 chickens. Then,.... HONG KONG CAPITALISM: You have 2 cows. You sell 3 of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all 4 cows back, with a tax deduction for keeping 5 cows. The milk rights of 6 cows are transferred via a Panamanian intermediary to a Cayman Islands company secretly owned by the majority shareholder, who sells the rights to all 7 cows' milk back to the listed company and proceeds from the sale are deferred. The annual report says that the company owns 8 cows, with an option on one more. Meanwhile, you kill the 2 cows because the feng shui is bad. SOCIALISM: The government takes the cows away and gives them to your neighbours who complain that there isn't enough milk so they shoot you. FACSISM: The government takes the cows away and shoots you. TOTALITARIANISM: Your have 2 cows. The government takes them and denies they ever existed. Milk is banned. ENVIRONMENTALISM: You have 2 cows. The government bans you from milking or killing them. FEMINISM: You have 2 cows. They get married and adopt a veal calf. POLITICAL CORRECTNESS: You are associated with (the concept of "ownership" is a symbol of the phallo-centric, war-mongerism, intolerant past) 2 differently aged (but no less valuable to society) bovines of unpecified gender. COUNTER CULTURE: Wow, dude, there's like ... these 2 cows, man. You got to have some of this milk!