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To: waldo who wrote (20529)	10/3/1998 5:01:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116790

The irony of course that Cardoso win would accomplish as much as Obuchi win in Japan...that is not much..The train has left, unfortunatly the rail tracks taken to repair broken one was taken from the middle of the circle, thus it must stop or be derailed.... Do not think that re-inflating efforts soon to come would involve a lot of Rambus product....copper and alluminum and nickel likely..Think that massive construction projects are about to start around the globe... G7 Seeks New Ways Of Fighting Global Crisis 03:34 p.m Oct 03, 1998 Eastern By Knut Engelmann WASHINGTON (Reuters) - World financial leaders met Saturday to debate a flurry of new proposals designed to put an end to mounting global turmoil and aid countries battered by the financial firestorm that has encircled the globe. Asian countries at the eye of the storm agreed with Japan, the regional powerhouse that itself is struggling to overcome a painful recession, to boost their economies and welcomed a $30 billion aid offer from Tokyo to help them do so. The White House, which has proposed its own set of ideas to halt the global crisis, welcomed the Japanese plan but quickly reiterated its long-standing demands that Tokyo act swiftly and boldly to put its own economic house in order. U.S. Treasury Secretary Robert Rubin met his Japanese counterpart Kiichi Miyazawa just before finance chiefs from the world's most powerful economies -- known as the Group of Seven -- convened here to discuss developments in their own nations and the ailing world financial system at large. ''Secretary Rubin welcomed the Japanese plan which supports the objectives of President (Bill) Clinton's recent call to explore ways to promote growth and recovery in crisis countries in Asia,'' a Treasury official told reporters after their 45-minute closed-door session. Officials from the hardest-hit Asian nations -- Indonesia, South Korea, Malaysia, Philippines, Singapore and Thailand -- said they would begin immediate talks on how to spend the $30 billion aid, offered by Japan last month. ''It's exactly what we need,'' Thai Finance Minister Tarrin Nimmanahaeminda told reporters. Rubin also told Miyazawa that Japan must quickly reform its debt-ridden banking system. Both ministers reiterated their concern over the weakness of the Japanese yen currency, which has suffered badly in foreign exchange markets amid mounting worries over the future of the world's second-largest economy. The crisis that started in Asia last year has spread to Russia and is now threatening to engulf Latin America, as frightened investors stampede out of emerging economies across the globe -- a phenomenon known as contagion. The G7 is looking at possible remedies ahead of next week's meetings of the 182-nation International Monetary Fund (IMF) and the World Bank, which will also focus on the deepening crisis. ''I think we had a really very good, very interesting discussion with respect to the state of the world economy and various matters related thereto,'' Rubin told reporters after a working lunch with G7 finance ministers and central bank heads. Asked if Japan was doing what it was needed to reform its economy, Miyazawa said, ''Yes.'' The two then joined the others for an afternoon session. The United States, trying to seize back the initiative in dealing with the global crisis, Friday launched what it described as a major new plan to help nations battered by global economic turmoil. President Clinton called it a ''new mechanism'' to halt the contagion, but details were in short supply. He was told by his top economic advisers Saturday that the initial international response to his plan had been positive. Saying the world financial system was facing its worst crisis in half a century, Clinton vowed Washington would work with its G7 and IMF partners to give cash-strapped nations easier and faster access to fresh capital in times of crisis. Administration officials warned the plan was still in its early stages, but said it would basically entail the use of existing IMF resources to boost countries' economic defenses. ''Minister Miyazawa welcomed the suggestion of exploring possible new mechanisms anchored in the IMF to provide contingent finance to help countries pursuing sound policies to maintain stability in the face of difficult global financial conditions,'' the Treasury official told reporters. At a separate meeting earlier Saturday, Asian nations ''agreed that it is imperative ... to take stimulative measures to put their economy on the path of recovery and sustainable growth,'' the six and Japan said in a joint statement. Miyazawa said he hoped the $30 billion Japanese aid package for Asia would lead to wider use of the Japanese yen in the region and also to the creation of an Asian crisis fund. Japan proposed forming such a fund in September 1997 to stop the spread of financial crises. Its creation was blocked by a group of countries led by the United States, worried its lending conditions would not be as strict as the IMF's terms. ''It is important to help Asian nations by boosting Japanese imports from the region,'' Miyazawa said. U.S. officials have cautioned that the high-level meetings of officials from the G7 -- the United States, Japan, Germany, Britain, France, Italy and Canada -- were unlikely to finalize any of the various proposals. Germany, for its part, has warned against any quick-fix plans for the world economy and instead has called on countries affected by the crisis to improve their economic policies. Russian officials are also expected to attend part of the G7 sessions. A delegation from Moscow met IMF officials Saturday, but Russian sources said they wanted to restore the battered confidence of Western investors rather than win immediate new payments from the IMF. Copyright 1998 Reuters Limited

To: waldo who wrote (20529)	10/3/1998 5:23:00 PM
From: lorne	Read Replies (1) \| Respond to of 116790

Wall Street executives suffering in downturn To bad ,what a shame,wonder if any short gold. Weill suffered the biggest loss October 3, 1998 Web posted at: 11:58 a.m. EDT (1558 GMT) NEW YORK (AP) -- Hurt by the stock market slump? Wall Street's elite feel your pain. Chief executives of major financial companies saw their net worth skyrocket during the bull market, but the value of their stock holdings and options has plunged by hundreds of millions of dollars in the past two-and-a-half months. The Dow Jones average has dropped by some 18 percent from its July 17 peak. The effect on some of America's most powerful money men in that same period was much more drastic, according to a study by Compensation Resource Group Inc., a Pasadena, California, consulting firm. Travelers Group chief Sanford Weill took the biggest hit in dollar terms of the 13 CEOs sampled, with the value of his company stock and options dropping by $785 million, or 50.1 percent. His merger partner, Citicorp's John Reed, lost $196.5 million, or 50.6 percent, on paper. In percentage terms, the hardest-hit was Richard Fuld Jr. of Lehman Brothers Holdings Inc., who lost 66.3 percent, or $130.2 million. The least affected in dollar terms was Hugh McColl of NationsBank Corp. (now BankAmerica Corp., as the result of a merger), who lost $36.9 million, or 35.2 percent. In percentage terms, the smallest drop was 11.4 percent, or $229.2 million, suffered by Charles Schwab, head of the discount brokerage that bears his name. Among the losses suffered by other CEOs: •Philip Purcell of Morgan Stanley Dean Witter & Co.: $193.7 million, or 58.7 percent. •James Cayne of Bear Stearns Cos.: $191 million, or 52.2 percent. •David Komansky of Merrill Lynch & Co.: $164.7 million, or 58.1 percent. •David Coulter of BankAmerica Corp. (CEO until NationsBank merger, now president): $121 million, or 44.3 percent. •Walter Shipley of Chase Manhattan Corp.: $77.8 million, or 45.6 percent. •Donald Marron of PaineWebber Group Inc.: $74.2 million, or 43.9 percent. •Harvey Golub of American Express Co.: $58.1 million, or 36.5 percent. •Douglas Warner III of J.P. Morgan & Co.: $51.8 million, or 38.9 percent.