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Article: The Orlando Sentinel, Fla., Central Florida Business Letters Column.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 9, 1998
- Author:
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Nov. 9--MERRILL LYNCH MOTIVES ON FUND MISUNDERSTOOD: The recent Associated Press news report about relationships between various financial institutions and Long-Term Capital ("Hedge-funds bailout raises conflict-of-interest issues," Oct. 11) utterly ignores a fundamental fact: Any personal stake in Long-Term Capital held by Merrill Lynch executives had already lost 90 percent of its value before the so-called "rescue" was organized by 14 leading global banks and securities firms.
Moreover, the terms of that capital infusion essentially guarantee that Merrill Lynch executives will never get any more than a fraction of ...