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On Thu, 24 Sep 1998, Stewart Taylor wrote:
> >New York Times had an article today on John Merriwether's Long Term Capital
> >. Essentially, it states that the NY Fed Reserve had to bail them out else
> >if they started to unwind their $90 billion portfolio, it'll cause other
> >portfolios to collapse. What I like to know is how did they get so much
> >leverage (their capitalization was about $4billion..now down to about $2
> >billion) ?
What I'd like to know is how I can get in on this scam! Let's see... I
make some highly leveraged and risky investments with borrowed money that
have a 10 : 1 chance of blowing up in my face. The investments (and I use
the word lossely) proceed to blow up in my face...
Hey no problem! I just whine and beg the Fed to pay off my debts at the
public expense and I continue doing business as usual!
And we criticize the Japanese for sweetheart deals and cronyism... :-(
- Hacker
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