[PEN-L:4713] Re: Sumitomo winner of 1996 Barings Award

[dhenwood@xxxxxxxxx (Doug Henwood)]

At 5:40 PM 6/17/96, D Shniad wrote:

>According to a couple of reports that I read, unspecified industry
>observers are concerned that the instability caused by Sumitomo in the
>metals markets could reverberate into other commodities and beyond.

Bet it won't. It seems to me a better political angle on the Sumitomo loss
would be to emphasize two points: 1) the utter pointlessness of all that
trading and associated volatility - which absorbs vast quantities of human
and financial resources despite its irrelevance, and 2) the fact that
Sumitomo & others can suffer the loss of billions without severe
repercussions, in a world where we're told "there's no money" for basic
social services.

Doug

--

Doug Henwood
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