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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: P.T.Burnem who wrote (31749)	10/15/1998 11:28:00 PM
From: Andeveron	Respond to of 94695

>> It's not that the Fed could not postpone the rate cut until Monday. << A rate cut on Monday would not have helped those that needed it now. It may very well be that some positions, whether they come from hedge players or institutions, needed a 40 point S&P spike before expirations to remain solvent. Perhaps they wrote too many puts that were in the money and did not have the funds to pay, or their long call positions were treading water and needed a little boost. Whatever the case, many puts on the SPX, OEX, etc that were in the money were completely decimated in 5 minutes. I heard the rate cut and I watched the tick. The Dow went up 100 points in 3 minutes, pulling everything up with it. Truly awesome to behold but terrible in it's wake to positions on the wrong side.

To: P.T.Burnem who wrote (31749)	10/16/1998 2:30:00 AM
From: ratan lal	Read Replies (2) \| Respond to of 94695

I can almost say with certainty that the rate cut was made to pay for the gmabling debts of LTCG and its crony banks that forked up the initial 100,000,000,000 on $2,000,000,000 of capital and then had to plunk out another 3,000,000,000 to help LTCG stay in biz for a couple of weeks till AG and gang could save their asses. Damn this is the most blatant use of power and authority I have ever seen. Someday someone will dig into the details and find out who did what and why and for HOW MUCH.