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To: Defrocked who wrote (12078)	12/21/1997 9:55:00 PM
From: Monty Lenard	Read Replies (2) \| Respond to of 18056

Just finished reading F I A S C O. He tells why Japan's banks will probably go kaput. IMHO

To: Defrocked who wrote (12078)	12/22/1997 10:41:00 AM
From: Cynic 2005	Read Replies (2) \| Respond to of 18056

Def, is this what you were referring to on Friday? CALPERS? Huge Hedging Transaction Last week, scrutiny centered on one particular options-related transaction that rattled the futures market. Traders say the transaction, enormous by the standards of such hedging strategies, appears to have been designed to protect between $5 billion and $6 billion in stocks for a large institutional investor. They say that the transaction was executed by Goldman, Sachs & Co. and that the firm was a heavy seller as it offset its own risk in Chicago's stock-futures trading pits. Goldman officials declined to comment. But Ravi Singh, head of global portfolio trading at Lehman Brothers, said such transactions are "micro-events" in the recent downdraft compared with Asian and earnings worries. Michael Rothberg, managing director of the portfolio trading group at Cantor Fitzgerald & Co., added, "A lot of people would be very happy to just close the books on 1997 right now. I'm having conversations with money managers now about what sectors might be least likely to have earnings shocks and which might be safest in volatile markets, which they anticipate continuing into the first quarter."