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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Joseph G. who wrote (4505)	8/27/1998 1:46:00 PM
From: MythMan	Read Replies (1) \| Respond to of 86076

>>U.S. bank stocks sink on fears of global crisis NEW YORK, Aug 27 (Reuters) - Stocks of U.S. money center banks fell sharply Thursday on fears that a global financial crisis may be just beginning, traders said. One trader said the selling was irrational, with people ''selling with their hearts and not their minds.'' Another trader said there were fears the crisis in Russia would lead to a series of ''cascading defaults,'' with the insolvency of one institution causing another to collapse, resulting in a third collapse, and one and on. Republic New York Corp. (RNB - news), the 21st-largest U.S. bank, said it would take a $110 million third-quarter charge because of losses on Russian paper. The news added fuel to the fire sale in bank stocks. In early afternoon trading Republic was down 4-1/8 to 46, Chase Manhattan Corp. (CMB - news) was off 5-5/16 to 58-15/16, Citicorp (CCI - news) was down eight to 125, J.P. Morgan & Co. Inc. (JPM - news) was off 8-3/16 to 109-3/4, and Bankers Trust Corp.(BT - news) was off 8-3/8 to 83-3/4. << News Alert: CCI is filing Chap 11 tomorrow <g>