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To: Bosco who wrote (2426)	10/13/1998 1:41:00 PM
From: Tom	Respond to of 2951

OT too. Good-day to you also, Bosco. Thank you for the link. Reading the PBS transcript, I'm reminded of how important an effect the state pension plan had in supporting the share market in Chile during the Mexican Peso Crisis. Though President Menem and his supporters had been pushing hard for a national scheme in Argentina, all they had at the time was a prototype. Too, during that period of extreme volatility in LatAm markets, it was not unusual to see Chilean ADRs perform in a manner quite unlike the underlying shares on the local exchange. On a day that Chilean ADRs took a pounding on Wall Street, shares in Santiago might well be unchanged. Actually two circumstances mollified the effects of the crisis on Chilean shares: 1) a mandatory national pension plan, and 2) the vast majority of shareholders, who rightfully considered their own economic situation quite apart from that of Mexico, refused to sell.