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To: Len Giammetta who wrote (133)	10/1/1998 11:28:00 PM
From: Len Giammetta	Read Replies (1) \| Respond to of 805

<Off Topic> Greenspan testimony on LTCM bailout... we came extremely close to a major market meltdown. bog.frb.fed.us <It was the judgment of officials at the Federal Reserve Bank of New York, who were monitoring the situation on an ongoing basis, that the act of unwinding LTCM's portfolio in a forced liqudiation would not only have a significant distorting impact on market prices but also in the process could produce large losses, or worse, for a number of creditors and counterparties, and for other market participants who were not directly involved with LTCM.>