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To: ViperChick Secret Agent 006.9 who wrote (54504)	10/1/1998 12:49:00 PM
From: KS	Read Replies (1) \| Respond to of 58727

Lisa or anyone, Time permitting, could someone please explain $PREM.X? TIA KS

To: ViperChick Secret Agent 006.9 who wrote (54504)	10/1/1998 1:46:00 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 58727

As sarcastic as he was, Barney Frank hit the nail on the head. Greenspan and company claim the Fed merely provided a neutral meeting room for the LTCM bail-out. As Barney Frank said, "I suspect you have greatly understated your role in this matter, and in your heart of hearts are secretly pleased with the result of your handiwork." Clearly the Fed is not in the hotel business. I believe the Fed stepped over the line in getting this involved in bailing out a Hedge Fund run by an ex-Fed Governor and Merriwether, the man whose fraudulent actions got Solomon Brothers barred from dealing in US Treasuries. Fed support could have been provided to help the system weather the bankruptcy of LTCM. Bankruptcies are market regulation. Preventing this from occurring creates a system where some other regulation, by government etc is required, or a system that is blind to risk and fails catastrophicly like an Indonesia.