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In a message dated 5/7/01 9:12:29 AM Eastern Daylight Time,
AJacobson@xxxxxxxxxxxxxx writes:
People can not be protected from their own GREED.
My read is that he was in trouble from the devaluation
of the Baht which was not supposed to happen. Morgan
Stanley had floated a Look Like a U.S. Govt bonds using
Strips for the first three years to generate the interest payments.
The later exachange related short sale problems appears to be a
deparate effort to generate cash to keep the now depleted trading
account afloat. Sold to him by the same "savvy" Morgan
Stanley guys.
Hedge funds are deemed to be knowledgable. His suit against
the exchange is likely and "offset" to suits he has from
clients. The exchange appears to have deep pockets, so why
not?
My guess is that it is without merit. You wonder if this
trader has completed his education or will continue to
gamble with OPM.
Best,
Gerryb/jer33:3
eccl1:9
>
> i like and admire the man and belive that he did everything right -
> except his outlook or lack of it for a catastrophe. he was a victim of
> a little known rule that says the exchanges can increase upon demand
> margins and make them retroactive. by the time they figured out he
> was in trouble he was no longer in trouble. but they went back and
> made him pay anyway. essentially the exchanges stole from hard working
> people - their money because of a technically. like saying oh you sob
> you almost killed me with that (whatever scenario) now i'm going to
> justifiably hunt your ass down and kill you and your whole tribe of
> investors.
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