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To: Cynic 2005 who wrote (8155)	10/8/1998 2:14:00 PM
From: Brian Fraser	Respond to of 86076

MMV, re <Got my revenge for my losses earlier in the year!> Congratulations, you got revenge for your CSCO losses, and all I got was Montezuma's Revenge.

To: Cynic 2005 who wrote (8155)	10/8/1998 3:48:00 PM
From: Joseph G.	Respond to of 86076

<<NEW YORK, Oct 8 (Reuters) - The dollar extended its harrowing fall on Thursday as battered investors scrambled for safety from turbulent world markets and looked toward central banks to stop the carnage. The dollar plunged to 111.63 yen, its lowest level since June 1997, before bargain hunting and talk of official intervention sparked a partial recovery. ''This move seems to have gone too far too fast and I sense the U.S. is getting nervous about it and they may come in with some sort of statement today or even intervene to shore up the dollar,'' said a dealer at a major bank. Officials at the Federal Reserve Bank of New York, the Bank of England and Bundesbank declined to comment on the rumors. The Fed has not bought dollars against yen since 1995, when central banks rescued the greenback from a post-World War II low at 79.75 yen. Several big hedge funds were blamed for the selling which sent the dollar down a staggering 7.5 percent overnight and more than 14 percent in two days. ''What we've seen over the last 48 hours is the liquidation of substantial leverage trades, short yen and long the U.S.,'' said John McCarthy, senior vice president at ING Barings Capital Markets. Recent losses by high-profile hedge funds -- who typically borrow aggressively to fund their investments -- have demonstrated that the U.S. financial system is vulnerable to global market turmoil. Many such speculators had been borrowing in yen, taking advantage of Japan's microscopic interest rates -- to fund more lucrative investments in emerging markets and elsewhere, including the United States. But following the bailout of Long-Term Capital Management last month, banks have called in many loans to other hedge funds, who have reportedly sold dollars for yen to ''It's not about being negative on the U.S. and more bullish on Japan, it's all about reducing exposure -- it's all about margin calls,'' said David Gilmore, a partner at consulting firm Foreign Exchange Analytics. The greenback was also dragged lower against other major currencies as confidence in the United States economy waned. The dollar was at 119.04/14 yen midafternoon, compared to Wednesday's close at 120.70/80. It fetched 1.6303/13 marks, up from 1.6160/70 on Wednesday and a 21-month low set at 1.5875 overnight. U.S. financial markets got hit hard as investors cashed out of bourses across the globe in a sign of growing nervousness that the world's largest economy might succumb to a worldwide recession. The Dow Jones industrial average skidded 215 points by midday. The benchmark 30-year Treasury bond, recently considered a safe haven, fell more than two full points, pushing its yield as high as 5.02 percent from 4.70 percent at Wednesday's close. Federal Reserve Chairman Alan Greenspan on Wednesday told an economists' group that the Fed was certain the economy would slow from its still-solid pace because lenders appeared to be tightening credit. His remarks fueled concerns that consumers and businesses would rein in spending and were taken as an indication that the central bank would cut interest rates again soon.>>