Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 3 · column 6 of 7 · from the scan, no model involved
exchange rates, etc.
The derivatives market is unregulated and given to secrecy In 199$, The LongTerm Capital Management derivatives fund used $5 billion to bet $125 billion, mostly borrowed, while controlling more than $1 trillion of derivatives. They lost part of their het and nearly brought down the world's financial system The U.S. Federal Reserve had to organize big investor banks to bail them out
What's the amount of money now being bet in derivatives'.’ The Bank for International Settlements Quarterly Review of June 2003. notes the combined value of trading in various derivatives contracts in the first quarter of 2003 was $197 trillion. Some members ol the Federal Reserve, Congress, and hanking community are uncomfortable with derivative trading. That $197 trillion is also 985 miles of money, two lanes of highway full of milhon-dollar briefcases, chocka-block, from Washington, Va , up the East coast to Nova Scotia.
So, there you have it. Now when you hit a big money “nugget" in the newspaper or hear it on TV you can use $40 billion on Gay Street as a gauge. Or. a half-mile eastbound Route 211 from the recreation park at Washington, Va.. for $100 billion. Half-way to Amissville is $1 trillion.
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