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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: William H Huebl who wrote (27161)	9/10/1998 6:22:00 AM
From: flickerful	Read Replies (1) \| Respond to of 94695

reuters version.... Thursday September 10 3:30 AM EDT Congress Has Starr Report, Clinton Has Problems By Patricia Wilson WASHINGTON (Reuters) - With the evidence from an eight-month investigation of the White House sex scandal under lock and key in Congress, President Clinton Thursday will reassure allies of his remorse and plead for their support. Independent counsel Kenneth Starr has delivered a voluminous report that he said contains ''substantial and credible'' information of criminal offenses by Clinton. The move has set the wheels in motion for possible impeachment hearings. The president's lawyer, David Kendall, who has not seen the confidential report -- which has been locked away while the House of Representatives decides how to handle it -- immediately appeared outside the White House to say there was no basis for Clinton's impeachment. Congressional leaders said the report could be made public as early as Friday. The arrival of 36 boxes of evidence in two vans under armed guard created enormous tension in Washington and set off speculation about whether the reams of paper would prove to be Clinton's undoing in the Monica Lewinsky sex-and-perjury scandal. ''I suspect that if the report is devastating, if the facts are so graphic that they are embarrassing ... it could very well be that a lot of Democrats will go to the president and say, 'Hey look, in the interest of the party and the country, you're going to have to resign,''' Republican Sen. Orrin Hatch said on CNBC television. But former Clinton press secretary Dee Dee Myers said she could not imagine the circumstances under which Clinton would quit. ''He will stay and fight,'' she predicted on the CNN program ''Larry King Live.'' Starr's allegations arising from Clinton's affair with a former White House intern less than half his age plunged his presidency into its gravest crisis and brought the nation to the verge of the first presidential impeachment hearings since Richard Nixon in Watergate. The U.S. Constitution says the House must initiate any impeachment proceedings to remove a sitting president from office. Not since 1974 when the House Judiciary Committee approved three articles of impeachment against Nixon has the process been used against a president. Nixon resigned before there could be a full impeachment vote. House Judiciary Chairman Henry Hyde, who would oversee any impeachment inquiry by his committee, said he would not allow a ''political witch hunt'' and pledged to work with Democrats. He said there would be a full impeachment investigation only if justified by the evidence. House Republican and Democratic leaders met Wednesday night. Rules Committee Chairman Gerald Solomon said later the 445-page Starr report includes a 25-page introduction, a 280-page narrative description of Clinton's affair and alleged attempts to cover it up and a 140-page discussion of the grounds for possible impeachment. They include perjury, obstruction of justice and abuse of the office of the president, sources familiar with Starr's investigation said. Clinton has denied he lied about his relationship with Lewinsky and asked her or others to do likewise. Solomon said the report would ''certainly'' be made public when the House passed a resolution setting rules and procedures for the inquiry, which he hoped would be done by Friday. He said Starr's office had not objected. But no decision had been reached on the release of the report's appendixes which contain evidence, including secret grand jury testimony. Clinton, who failed to show much contrition or humility when he publicly admitted to the affair with Lewinsky Aug. 17 after having denied the relationship for seven months, has been markedly more chastened since Democratic allies began to publicly denounce his actions. He sought the forgiveness and understanding of leading House Democrats Wednesday and planned to repeat his plea Thursday during a private meeting with Senate Democrats in the White House residence. Later in the day, Clinton's Cabinet will get the same treatment. He was expected to offer his regrets for the Lewinsky affair at the meetings with both groups. Shortly after the scandal erupted in January, Clinton held a Cabinet meeting in which he assured his top aides that he had not had an affair with Lewinsky. Several of them defended him publicly, notably Secretary of State Madeleine Albright. An hour before Starr delivered his report, Clinton made a public apology, telling a Democratic audience in Florida ''these have been the toughest days of my life,'' but saying he had only himself to blame. ''I let my family down and I let this country down, but I am trying to make it right,'' Clinton said. ''I am determined never to let anything like that happen again.'' Speaking slowly and with a somber expression, he added: ''I ask you for your understanding, for your forgiveness ... I hope this will be a time of reconciliation and healing.'' Later, in Coral Gables, Clinton spoke of his ''painful journey'' of the past few weeks. ''I have tried to do a good job taking care of this country even when I haven't taken such good care of myself, my family, my obligations. I hope that you and others that I have injured will forgive me for the mistakes I have made,'' he said. Clinton returned to Washington from Florida early Thursday.

To: William H Huebl who wrote (27161)	9/10/1998 6:45:00 AM
From: Philipp	Read Replies (1) \| Respond to of 94695

Hi Bill: The fact that Congress is ill-prepared to handle KS report leads me to believe that it will be later rather than sooner and less rather than more. I think I agree. I have some difficulties seeing how the Clinton affair can be a trigger on its own. It will be a long, drawn-out affair. So, it may be just one factor of several (earnings, Asia, etc.) that may drive the market down to crash-signal levels. We are still a long way above dangerous levels this morning (993 SPX on the futures), so it has to fall quite a lot. However, I am getting tempted to buy some more September puts. Considering how close to expiration we are, the potential gains are astronomical. Good trading, Phil