lbo-talk-digest V1 #1866

DANIEL.DAVIES at flemings.com DANIEL.DAVIES at flemings.com
Tue Sep 14 00:33:06 PDT 1999


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To: lbo-talk at lists.panix.com cc: lbo-talk-digest at lists1.panix.com (bcc: DANIEL DAVIES) bcc: DANIEL DAVIES Subject: Re: lbo-talk-digest V1 #1866


>>
>> ------------------------------
>>
>> Date: Mon, 13 Sep 1999 09:27:33 -0400
>> From: Doug Henwood <dhenwood at panix.com>
>> Subject: Re: mad money (ecuador defaulting)
>>
>> DANIEL.DAVIES at flemings.com wrote:
>>
>> >What's needed is a gentlepersons' agreement among bond brokers
>>
>> You mean there's honor among thieves?
>>
>> Doug
>>


>Only *among* them, the rest of us are S.O.L.
>
>Beth

S.O.L? =what?

But I agree, any "gentlepersons' agreement" does need to be backed up with more or less terrible regulatory threats. I've always been of the opinion that the vulture funds who prey on emerging market bond restructurings should be covered by something similar to the "cold-shouldering" arrangement which applies to people who break the Takeover Panel Regulations in the UK. Such people aren't actually banned from doing anything, but they will find it impossible to get a broker, because the regulators forbid any regulated firm from having anything to do with certain people.

It might be a bit more difficult for the vultures to descend if they had to do so without the help of JP Morgan, Deutsche, Barclays Capital &c

dd

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