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I think you may have your facts wrong...the article was in Investors Business Daily last week
1. Buffet did have an offer on the table to buy LTC out
2. The deal was structured so the head of LTC was ousted
3. LTC turned down the deal the day that many others came to their rescue
Buffet had several reasons to make the buy...some of the rumors are
-he wanted an easy way to reverse his bond position without moving the market and giving away his hand
-many of the trades on th books of LTC were good trades...they just could float the leverage and Buffet could
Andy
>Warren Buffett did not offer to buy 100% of Long Term Capital. He was asked to
>buy in to it and he, being the smart investor that he is, refused. That's why
>the Fed had to strong arm the banks to buy LTC.
>
>As for sales, retail sales are now tanking. Many companies have announced
>layoffs in the last few days. Banks are cutting back on credit rapidly.
>Caution is warranted.
>
>Howard
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