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To: E_K_S who wrote (23628)	8/26/1998 10:45:00 PM
From: Paul Fiondella	Read Replies (1) \| Respond to of 42771

(Off Topic) Asia & Treasury I was not aware that the US Treasury or the Fed is permitted to purchase S&P Futures contracts. However perhaps this is a rumor that has reached you based on the fact that in Hong Kong the authority is selling futures contracts and directly intervening in the Heng Seng. Incidentally Japan is beginning to really sink. The Nikkei is down to 14460.14 that is down 2.735 OR 405.79 POINTS today. If this continues we are going to see some Japanese banks run out of capital. The S&P Futures are also running -6.7 this evening. The software stocks held up well today in the sell-off. As you probably know Russia suspended convertibility of the rouble today. I hope that Wall Street will lead the markets out of the current slump tomorrow but it doesn't look promising. Another early morning wake-up call!!!

To: E_K_S who wrote (23628)	8/31/1998 12:37:00 PM
From: dwight vickers	Respond to of 42771

Eric, Sorry for the slow response. I believe that the inept hand of government is seen all over the globe attempting to manipulate markets when it serves their purpose. Rubin is in the position he's in precisely because of his expertise in those matters. Watch how Hong Kong turns out after the massive and public government interference in their own market. I believe they can have an effect, but they can't fix the problems by manipulation. Delay, delay, delay. They (the Treasury) learned a faulty lesson with the successful "finger in the dike" futures market interference that halted the meltdown of markets in 1987. The system is much more fragile today. Dwight