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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Tundra who wrote (6861)	10/1/1998 7:35:00 PM
From: Michael Sphar	Read Replies (1) \| Respond to of 9980

A trillion yen here, a trillion yen there, pretty soon we're talking about a whole lot of money. Imaginary numbers are always much more fun to work with...LTCM has demonstrated that, creative accounting indeed.

To: Tundra who wrote (6861)	10/2/1998 11:50:00 AM
From: Paul Berliner	Read Replies (1) \| Respond to of 9980

Tundra, the saddest part is that the data on the unrealized losses is almost useless. Since the secs. havn't been marked-to-market in a dogs age, the unrealized G&L in the equity section of Japanese bank balance sheets is a fairytale, also because data on the positions & their purchase prices have all been manipulated. I'd take the # they give & multiply it by at least 3. yesterday I was working on Kubota, a Japanese farm & industrial equip. Co. Their Annual report contains a stern warning from the auditors that the investments value of the balance sheet secs. may have been manipulated and do not comply with international accounting standards. So the problem also lies outside the banking sector.