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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Gerald F Bunch who wrote (34322)	10/22/1998 10:55:00 AM
From: Knighty Tin	Respond to of 132070

GB, I liked the article and it is definitely not off topic. First, you cannot be off topic here and second, LTC has been oft discussed on this thread. Bascially, LTC's creditors have traded one set of nimnos for another. As the author mentioned, these guys were doing exactly the same strategy, but they were "smarter" because their bosses wouldn't allow them to use that much leverage. However, a receivorship situation is different than a hedge fund being operated at maximum risk for maximum profit. These guys will take a profit any time one appears. Insuring their rare appearance. <G> However, they supposedly have our tax money from the Fed discount window to tide them over until they can unwind. Fleck's piece was good and timely from June. He only came to hate the banks a bit after I did. <G> MB