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To: LarryLied
Clintonism continues unabated, unfettered. We'd better start facing down these ChiComs.
3 posted on 08/13/2002 8:58:24 AM PDT by onedoug
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To: PhiKapMom; Fracas; Rodney King; Amelia; Howlin; E Rocc; hchutch; Dakmar; shigure; spetznaz; ...
Did Dean C. Kehler, Andrew R. Heyer, Bruce Raben or Jay R. Bloom tell McAuliffe they were hedging GX and for him to sell?

Global Crossing — A Canadian Bank’s Adventures in Wonderland
by William Krehm

CIBC had served as co-lead underwriter of Global Crossing’s Initial Public Offering (IPO) and had been allotted 1.3 million shares to sell to its clients. If word got out that the bank was selling or planning to sell its 25% stake in the company, the price would have plunged, damaging the holdings of it its clients and thousands of investors.” So after wrestling with its corporate conscience, it had its executives one by one resign from the GC board to clear the way for the sale of its shares.

“But the most controversial move was yet to come. In one of the largest equity hedges ever negotiated in Canada, it locked in its profit on 47 million GC shares at future dates ending in 2003 at fixed prices between $20 and $64 (US) a share.” Such is the miracle of derivatives! You can sell your interest unknown to the world. With banks sitting on a variety of moral chairs at the same time, this is one reason why they love their derivatives so dearly.


4 posted on 08/13/2002 9:48:54 AM PDT by LarryLied
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