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To: IngotWeTrust who wrote (4903)	12/29/1997 4:40:00 PM
From: PaulM	Read Replies (2) \| Respond to of 116756

All the kings horses, and all the kings men.... SK Bailout.... abcnews.com The point of organizing these consortiums is to ensure collusion ebtween all the big players in a bailout so that one doesn't jump ship, leaving the other's stranded. (Which is exactly what a rational market player would do). In return, those bailing out have no doubt been promised a bailout should thinsg go awry. Key word here is CONFIDENCE. Let me the first to predict that this won't work, though everyone will say its working. By the way, how do "rollovers" reflect on a bank's balance sheet? P.S. Any pitfalls you can think of re: buying Mexican gold coins (50 Pesos 1947 restrike, 1.2 troy ounces)? Trustworthy as anything else?

To: IngotWeTrust who wrote (4903)	12/29/1997 4:56:00 PM
From: Alex	Respond to of 116756

Dollar mixed as Japan warns of more intervention ------------------------------------------------------------------------ NEW YORK (AP) - The dollar was mixed against other major currencies Monday, falling vs. the Japanese yen after an influential official warned that Japan will support its currency in the open market if the yen weakens sharply. The dollar rose against the German mark as traders sold marks for yen following the remarks by Japan's vice finance minister for international affairs, Eisuke Sakakibara. ''We will take decisive steps to fend off excessive yen weakness,'' Sakakibara, known as ''Mr. Yen'' for his ability to influence currency markets, said in a television appearance Sunday. His comments came nearly two weeks after the Bank of Japan surprised the market by intervening Dec. 17 to sell dollars for yen for the first time since August 1992. The central bank also intervened in the two following sessions. ''We are ready to intervene in such a way that it will surprise the markets,'' Sakakibara said. Despite the Bank of Japan's actions, the dollar is trading near 5 1/2-year highs against the yen amid the economic turmoil in Japan and other Asian countries. But its gains have been held back for the past week by fears of further intervention - especially from more than one central bank. ''In terms of being more successful, there needs to be some coordinated intervention,'' said Michael Faust, a foreign-exchange strategist at money-management firm Bailard, Biehl & Kaiser in Foster City, Calif. In late New York trading, the dollar was quoted at 129.30 yen, down from 130.41 late Friday. The U.S. currency also was changing hands at 1.7893 marks, up from 1.7725. The dollar was buoyed by the mark's weakness against the yen after Sakakibara's comments, as well as by a rally on Wall Street. The yen also was supported against its major counterparts by confidence that South Korea, one of Japan's major trading partners, would be able to avoid a financial meltdown. South Korea's parliament on Monday passed financial reforms aimed at better regulating its banking system and encouraging more foreign investment. In New York, several big banks met to discuss renewing loans or extending more credit to South Korea, while major investment firms said they would participate in a program to support the country's beleaguered economy. Other late dollar rates in New York, compared with late Friday: 1.4490 Swiss francs, up from 1.4325; 5.9870 French francs, up from 5.9305; 1,760 Italian lire, up from 1,740.50; and 1.4396 Canadian dollars, up from 1.4341. The British pound was quoted at $1.6705, down from $1.6779.