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To: Bobby Yellin who wrote (19668)	9/24/1998 9:38:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116758

Dollar Falls Against Yen on Concern Long-Term Capital Will Sell Dollars Dollar Falls vs Yen Amid Concern U.S. Hedge Funds Need to Repay Tokyo, Sept. 25 (Bloomberg) -- The dollar fell against the yen for a second day as speculation mounted that troubled U.S. hedge funds may sell dollars to repay yen loans. Traders speculate Long-Term Capital Management LP, a Greenwich, Connecticut-based hedge fund, borrowed yen at Japan's low lending rates, then converted it into dollars to invest in securities elsewhere. Even though the fund received a $3.5 billion bailout to cover losses of $4 billion, traders worried it will have to pay back its yen loans. ''Japanese investors are concerned that U.S. hedge funds will continue to sell dollars for yen, so the dollar won't easily recover 135 yen today,'' said Hiroshi Sakuma, a foreign exchange manager at Barclays Bank Plc. The dollar was quoted at 134.47 yen, down from 134.83 yen in late New York trading yesterday. It recently traded at 1.6728 marks, down from 1.6765 marks in New York. ''Many U.S. hedge funds are suffering from poor performance, so we have begun to worry these funds' near-collapse will have an adverse impact on the health of the U.S. financial system,'' said Sakuma. The Dow Jones Industrial Average fell 152.42, or 1.9 percent, to 8001.99 yesterday, led by banks which lend money to hedge funds. Falling stocks hurt the dollar by making dollar- denominated assets less attractive. Weighing on the dollar was speculation that the U.S. may lower the Fed funds target rate from the current 5.50 percent when its policy-making panel meets on Tuesday. Fed Chairman Alan Greenspan indicated Wednesday that he may push for a rate cut. ''If the U.S. wants to cut rates, the country can't maintain its strong dollar policy because they contradict each other,'' said Sakuma. ''We can't buy dollars aggressively as long as there's mounting speculation that the Fed will ease its monetary policy.'' Even so, the dollar's fall may be limited because of continued political deadlock between the ruling Liberal Democratic party and opposition parties on bank reform bills. Passage of the banking legislation is seen as a key step toward pulling Japan's economy out of its worst recession in five decades. ''Japanese investors are basically bearish on the yen because of continued wrangling between political parties over bank reform legislation, so the dollar's fall may be restrained,'' said Sakuma, who said the dollar will trade between 134 yen and 135 yen during Tokyo trading hours today. In other trading, the dollar was quoted at 1.3845 Swiss francs, up from 1.3855 Swiss francs in late New York trading yesterday. The British pound was quoted at $1.6962, up from $1.6854 in New York. The mark was quoted at 80.35 yen, down from 80.42 yen. bloomberg.com

To: Bobby Yellin who wrote (19668)	9/25/1998 5:24:00 PM
From: goldsnow	Respond to of 116758

Not sure why is the following is taken less seriously than Monica.... ?!! Free Palestinian state would end peace ties, Arafat told By Alan Philps in Jerusalem THE United States and Israel urged the Palestinian leader, Yasser Arafat, yesterday not to announce his intention of declaring an independent Palestinian state at the United Nations General Assembly next week. The Israeli Prime Minister, Benjamin Netanyahu, said that such a declaration would mean the end of moves towards peace, which have already been stalled for 18 months. He said Israel would be "forced to take similar measures", a hint that the Jewish state would annexe the majority of the West Bank that is not designated as Palestinian self-rule territory. The US State Department said it opposed any "unilateral statements" by the Palestinians. During a speech to the UN General Assembly on Monday Mr Arafat is expected to announce that he will declare Palestinian sovereignty over the West Bank and Gaza Strip, which were conquered by Israel in 1967, after May 4 next year. It is on that date that the current five-year interim peace arrangements expire. Palestinians argue that from then on they are free to do as they please. By declaring his own state, Mr Arafat would be able to form a foreign ministry, open diplomatic relations with other states and establish an army - all banned under the current arrangement. Any Palestinian state, however, would be more of a dream than a reality. Since the signing of the Oslo peace accords five years ago, Palestinians have enjoyed self-rule in 27 per cent of the territories captured in 1967 - mainly Gaza and the main West Bank towns such as Ramallah, Jericho and Nablus. But "Arafatland" is made up of leopard spots of territory, not a single bloc, with Israel controlling access between them. Even to travel from Gaza to the West Bank, Mr Arafat needs Israeli permission. Mr Netanyahu has said a Palestinian state poses a "strategic threat" to Israel. In a recent interview he said Palestinians would be able to intercept aircraft using Tel Aviv's Ben Gurion airport. Iranian and Iraqi soldiers, he said, would be able to observe Tel Aviv. The Palestinians dismiss such scenarios, arguing that the declaration of a state is a political ploy to break the current impasse. As Israel controls the proposed state's land borders and it has no airport, Mr Arafat would have no choice but to maintain friendly relations with his more powerful neighbour. Some Palestinian commentators see the declaration of a state as a final gesture by Mr Arafat, 69, whose health appears to be declining. Khalil Shikaki, of the Centre for Palestine Research in Nablus, said: "He has devoted his life to establishing a Palestinian state and age is not on his side. He does not want to go down in history as the man who left his people stuck in the current halfway house." telegraph.co.uk

To: Bobby Yellin who wrote (19668)	9/25/1998 9:57:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116758

OT JOKE (warning bad but not as bad as Clinton tape) Bobby I can't help it but to recall jokes along Clinton line (Life in Russia generated so many that one can pull joke on any subject) The Circus comes to Town....It has an unreal attraction and crowd snaps tickets.... In a final act a Big Muscular Man comes-out pulling alligator on a chain... He gets a huge Hummer and strikes the crock on his head. The crock snaps his jaws open showing massive teeth... The man drops his pants, places his private part into the alligator's jaws and strikes alligator on his head again.. The crowd is in total Shock...The man strikes crock again --jaws wide open-no harm !!! Storm of applause Now they ask for volunteers..$1000, $5000, 10,000 price...No takers! Finally a young lady bravely comes out..I would like to do it..But..please do not hit me on the head..!