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To: Joseph G. who wrote (8753)	10/16/1998 8:44:00 AM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

Man, you make me read all your posts twice. -g-I don't recall your posting the same when I first read this note to which I am replying to! I personally got caught like a deer in headlights! Other than cutting down on cisco puts, I haven't taken much profits last week.

To: Joseph G. who wrote (8753)	10/16/1998 8:51:00 AM
From: Cynic 2005	Respond to of 86076

Credit Crunch... ------------- October 16, 1998 Banks Are Pulling Back From Pledges To Finance Pending Merger Deals By PAUL M. SHERER Staff Reporter of THE WALL STREET JOURNAL Fearful of being saddled with loans that clients can't repay, some of the nation's biggest investment banks are backing away from commitments to finance pending mergers. Merrill Lynch & Co., Bankers Trust Corp., Credit Suisse Group's Credit Suisse First Boston and First Chicago Capital Markets Inc. have all backed away from some previous funding commitments in the past few weeks. Most of those commitments, the majority of which include high-yield bond funding, were made before Russia's financial meltdown in August sparked a global pullback from risky credits. Since then, few companies have been able to issue high-yield bonds that commonly are used to replace bridge loans used in the initial financing of mergers. The latest casualty is wireless-communications company Centennial Cellular Corp. It warned Tuesday that the planned financing for its $1.31 billion acquisition by a unit of Welsh, Carson, Anderson & Stowe may not be available. Merrill's Merrill Lynch Capital unit informed Welsh Carson that because of the sharp deterioration in market conditions it "would have no obligation to fund" the merger as of this past Monday, Centennial said. Centennial added that Merrill noted that its commitment remains in effect through Jan. 31, 1999, allowing it to fund the deal if markets rebound. Merrill had committed to providing up to $1.21 billion of financing under senior secured credit facilities plus a $350 million bridge loan. . . .

To: Joseph G. who wrote (8753)	10/16/1998 8:57:00 AM
From: Cynic 2005	Read Replies (2) \| Respond to of 86076

It must be really bad at the bid boyz... ------------------- <<By PATRICK MCGEEHAN Staff Reporter of THE WALL STREET JOURNAL NEW YORK -- Up and down Wall Street, employees are bracing for the ax. Fears of impending layoffs are growing as securities firms scramble to slash costs as trading losses mount and deals dry up. The widespread expectation that Merrill Lynch & Co., Bankers Trust Corp. and Citigroup Inc.'s Salomon Smith Barney unit will cut thousands of jobs as soon as next week has cast a sudden pall. >> <snip> Perhaps Easy Al can help here with the sentiment: <<"Everybody's focusing on predictability," Mr. Goldstein said. "Nobody wants to be caught off guard like they have been with emerging markets and a few other areas. Firms are saying for the time being, I'd rather not be in those businesses.">> <<The absence of holiday parties at some firms will add to the gloom. At Merrill, said a person familiar with the matter, some parties were canceled, then reinstated out of fear that morale would be damaged, then canceled again out of concern that celebrating after layoffs would seem macabre. A Merrill spokesman said ''all expenses are receiving extra scrutiny, including travel, entertainment and special events." He declined to comment on rampant rumors circulating inside and outside Merrill that the firm will cut 1,000 to 3,000 jobs next week.>> <snip> <<"The mood is gray and miserable," said Joan Zimmerman, a Wall Street recruiter with GZ Stephens. "The minute a major investment bank makes a significant move, either in terms of staff cutting or compensation, the Street will follow suit.">>