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To: Follies who wrote (22191)	10/24/1998 3:54:00 PM
From: Alex	Respond to of 116791

'If that explanation sounds familiar, it should. But the loss isn't only the result of market cycles and forces beyond a Wall Street firm's control. At the heart is a question about the way Wall Street does business and how it handles other people's money. By gambling on the direction of global interest rates, currencies and stock and bond price fluctuations, big banks and brokerages have helped bring the pain of a global financial crisis right to main street and the portfolios of investors everywhere. "Wall Street," says James Grant, editor of Grant's Interest Rate Observer, "is very free with advice to other businesses but has never demonstrated a mastery of its own." ' usatoday.com