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To: Thomas F. O'Connor who wrote (20145)9/30/1998 8:02:00 PM
From: PaulM  Respond to of 116764
 
Chase and Banks Consortium Renogotiate LCTM Loan

biz.yahoo.com

P.S. I thought "crony capitalism" was supposed to have been what got Asia in this mess. The kureitsu is growing.



To: Thomas F. O'Connor who wrote (20145)9/30/1998 8:09:00 PM
From: PaulM  Read Replies (3) | Respond to of 116764
 
"Strengthens the fear of more failures..." That's right. Which is partly why I was shocked when Greenspan lowered, even a quarter point, in the face of Europe's refusal to follow. Everyone was expecting it, but not me.

One slightly conspiratorial note: if rates are headed higher, as I believe, the banks are getting a very nice deal on some of LTCM's positions at fire sale prices.

Apparently, Warren Buffet agrees.