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

To: Defrocked who wrote (12184)	12/23/1997 9:58:00 AM
From: Cynic 2005	Respond to of 18056

Def, <<Economists use statistics like hookers use lampposts, (... more for support than for illumination.)>> ROTFL. You are on a roll today. What's up? -g- -Mohan

To: Defrocked who wrote (12184)	12/23/1997 11:30:00 AM
From: Cynic 2005	Read Replies (2) \| Respond to of 18056

Maruso Securities To File For Bankruptcy TOKYO (Nikkei)-Maruso Securities Co., an ailing midsize brokerage firm, is poised to file a voluntary petition of bankruptcy with the Tokyo District Court as early as Wednesday, The Nihon Keizai Shimbun reports in its Tuesday morning edition. The move will make Maruso Securities the fifth Japanese brokerage to collapse this year. Amid a stock market slump, the Tokyo-based securities firm posted a three-year streak of pretax losses through fiscal 1996. Although the company took out subordinated loans from affiliates in November 1996, by the end of September 1997 its capital-to-risk ratio had fallen to almost 120% - a dangerous level, according to the benchmark of securities firms' business health. After selling Mexican-bond-based instruments with repurchase agreements, Maruso Securities was later forced to buy them back when the bonds incurred latent losses in the wake of Mexico's currency crisis. Although the company used proceeds from the sales of assets to write off losses, about 7.5 billion yen of losses remain on the books. Ultimately, Maruso ran into difficulty raising operating funds. For the fiscal year ended March 1997, the firm posted 2.56 billion yen in operating revenue and a pretax loss of nearly 1.48 billion yen. As of the end of March, the firm had a staff of 209.