<html><body>
<DIV>Forgive me for my cynicism, exactly what kind of financial product was Roach selling in that meeting? </DIV>
<DIV> </DIV>
<BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #1010ff 2px solid">-------------- Original message -------------- <BR><BR>> Boston Herald - November 23, 2004 <BR>> <BR>> On State Street: Economic 'Armageddon' predicted <BR>> <BR>> By Brett Arends <BR>> <BR>> Stephen Roach, the chief economist at investment banking giant Morgan <BR>> Stanley, has a public reputation for being bearish. <BR>> <BR>> But you should hear what he's saying in private. <BR>> <BR>> Roach met select groups of fund managers downtown last week, <BR>> including a group at Fidelity. His prediction: America has no better <BR>> than a 10 percent chance of avoiding economic "armageddon." <BR>> <BR>> Press were not allowed into the meetings. But the Herald has obtained <BR>> a copy of Roach's presentation. A stunned source who was at one <BR>> meeting said, "It struck me how extreme he was -- much more, it <BR>> seemed to me, than in public." <BR><BR><BR>> ___________________________________ <BR>> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk </BLOCKQUOTE></body></html>