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

To: novice investor who wrote (36635)	11/17/1998 7:26:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 132070

>>>>>In prior articles, I mentioned that JPMorgan holds controlling interest in the stock of the Federal Reserve Bank.<<<<< What exchange does this stock trade on?

To: novice investor who wrote (36635)	11/18/1998 10:18:00 AM
From: Knighty Tin	Respond to of 132070

NI, I don't really believe any numbers reported by banks. They are all slimers who are well schooled in hiding exposure to crapola. But, as the Fed made this part of the bail out process, these may be closer than the usual fictions the banks present. The risk, as huge as the author says it is, is probably even higher. That is one of the reasons AG lowered rates again against all reason. My great fear is that all of these guys are momentum geeks, buying what went up yesterday. I know they are leveraged against higher commodity prices, and you don't sell low on margin if you want to survive. And even if they are right on the markets, many of the contracts are with semi-solvent banks and dealers in other countries. We have already seen small problems with Baring's, the Russian banks and a couple of other dinky banks. What happens if the bank guaranteeing the other side of the trade simply declares bankruptcy and walks away? And it is a large bank? You could get a domino effect. Now, AG has just given the banks the moolah to invest in more derivatives and make other sorts of reckless speculations. Whoopee! Hopefully, he has some secret deal that they will cut back as part of the bailout. Nobody has mentioned such a deal, but one can hope. My guess is that the number for the 3rd quarter declines. But rises tremendously 4 Q after these multiple rate scams by the Fed. If there is a secret deal, I will be wrong. And I hope I am wrong. MB