Hedge fund fallout & Other Merry Weather

[Carl Remick]

Re Brad's:  "The New York Federal Reserve loaned the LCTM creditors the
use of a
conference room, told them they had a problem, and suggested strongly
that
they solve it. This is the lightest of possible government
interventions..."

Intervention-lite, huh?  In the classic phrase -- like being "a little
pregnant."  Consider also Michael M. Thomas' column this week in New
York Observer (Oct. 5):  "In my 20-odd years on and around Wall Street,
I spent many unpleasant hours at creditors' meetings.  Rule No. 1 is
that such meetings are held in the offices of whoever is calling the
shots -- that is, whoever is going to have to ante up the most.
Statements to the effect that the New York Fed merely provided the tea
and finger sandwiches strike me as disingenuous."

Will you be wanting lemon or milk with your $3.5 billion?

Carl Remick