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Strategies & Market Trends : The Millennium Crash -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (3593)	10/1/1998 12:25:00 PM
From: GROUND ZERO™	Respond to of 5676

tippet, Let's stick a fork in it and see if it's done, I like mine rare. Done? It may be, but I'm still suspicious. GZ

To: yard_man who wrote (3593)	10/1/1998 4:55:00 PM
From: gregor	Read Replies (1) \| Respond to of 5676

Hi Barry: Take a look at this::::::: Europe's biggest bank, UBS AG Tuesday was the first to detail its loans to hedge funds, saying its exposure totaled $3.2 billion, of which 72 percent is backed by cash and U.S. Treasuries. Chase, which is participating in the Long-Term Capital bailout, dispelled fears of more hedge fund skeletons by coming clean, analysts said. ''Chase had to come out and make some comment to kind of comment to make people from speculating about what was happening,'' analyst Charles Vincent of PNC Asset Management Group said. ''It's better in a case like that to get the information out and put it behind you.'' Fears about hedge fund exposure slammed Bankers Trust Corp's stock Wednesday afternoon. The stock, down about 13 percent to a new 52-week low of $53 at one point, recovered later to close at $59 after the firm briefed analysts and a source told Reuters the firm's exposure was around $1 billion, but 99 percent collateralized by cash and U.S. Treasuries. The firm was likely to make a public announcement on the matter later Wednesday, the source added. Jim Cramer also came out today and in so many words said the greatest threat to the market was hedge fund exposure; just as the S & L crisis began rather auspiciously with just about all analysts underestimating the problem, this also may be underestimated. I came a hair of getting back into some equities today until I read this by Cramer. The whole market needs to have more banks come clean and divulge hedge fund exposure. While Cramer was not pessimistic to the tune of the S & L crisis he was saying that there is excessive risk in the market without knowing. gregor