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Yes, and again, this was published in the financial press....it was not rumor
The story from ibd made it sound like the head of LTC was too proud to step aside...the buffet offer would of returned 5% of shareholders money...perhaps someone still has the exact article from the paper last week.
Andy
*********** REPLY SEPARATOR ***********
On 10/9/98, at 11:19 AM, BruceB wrote:
>Just for the record, it was the WSJ which reported that Buffet made an offer
>for 100% of LTC for about $250 million. This normally wouldn't make it
>absolutely true, but they did publish an actual copy of the 1 page contract
>Buffet sent to Meriwhether! I don't think the WSJ is in the forgery
>business, and I think it's safe to say Buffet would have made a public
>announcement denouncing them after they did so...
>
>Bruce
>
>
>
>>Howard,
>>
>>Thanks for clearing that up. When I read that my first thought was that
>you have
>>brokers and banks losing millions then suddenly, out of nowhere,
>unsubstantiated
>>and on the net, the ol' Warren Buffet rumor. Coincidence? I think not.
>Reminded
>>me of Bre-X.
>>
>>A.M.
>>
>>HBernst963@xxxxxxx wrote:
>>
>>> 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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