YA GOTTA WONDER

I've been off visiting the grandkids over this long weekend but thought I would check into the world with a call to my old friend, Peter (not Pete--Peter is a proper Brit). Peter is a big time player in Asia, where the action is.

"Big show over there sport."

"Oh hullo Charlie. Happy succession day."

"Haven't gotten over it yet?"

"On the contrary old boy you did us a hell of a favor. Took us a while to realize it I admit. Wouldn't want your problems."

"Yeah, yeah. My word, you took a hell of a slug of ABC; what the hell got into you guys?

Well, Charlie, you remember what you used to say? There are 'gotta do's' in this world and when you live where I live ABC is a gotta do."

"Indeed,Peter, but what do THEY do?"

"Now Charlie, don't be unpleasant. They are a bank and banks take deposits and make loans."

"To whom?"

"Well, to a lot of people. They have a balance sheet of damn near $2 trillion. This is not an insubstantial organization about which we are speaking."

"Agreed. Got a real good handle on the looks of that portfolio I suppose?

"Charlie, you're being unpleasant again. Look, the Agricultural Bank of China has been an arm of the Chinese State, we all know that. And we all know that it's lending policies have to a certain extent..."

"CERTAIN EXTENT!"

"Oh very well, to a considerable extent then, been a product of the development policies of the CPR." That is not to say that these policies have been incorrect or unwise. Our eastern breathern have done rather well you must admit."

"Oh, no disagreement there, but it's one thing to use your money and quite another thing to use funding from the private markets to fulfill one's political ambitions. As an underwriter, doesn't this concern you.?

"A rhetorical question, Charlie. I know you too well. I think the real concern--indeed, perhaps the only concern--is whether the Chinese will use the funding wisely and use the funding for true developmental needs in accordance with the bank's charter and in the best interests of the shareholders."

"And you fully believe that?"

"Oh of course not, it's complete rubbish but I do it rather well don't I?"

"You were always among the very best, Peter old son. Almost as good as was I."

"A dream of mine Charlie, but still a dream." But You've seen this before. Please grant me absolution."

"Done. But I would change the name if I were you. To something snappy and easy to keep in mind."

"Any suggestions?"

"How bout Fanny Mae or Freddie Mac?" They'll probably be available soon."

"Good night Charlie. Lucky you won back in 1790. Had you still been with us, we would have hung you."