MOCBAIUAETCA MbIIIKE Anrop npinocir Gxaroaapnoctm Crapamsry dloypeney, TrapHOMY peaakropy waaresbcrRa «W. W Norton», ero acencrevry Tarps Yy sa covert pexowentaauins; Po- Sepry dlykacy, amteparypniomy areitry, 3a niowoutt 1 n0x- aepxxy; 1opmanieckoit dupe Covington & Burling 31 npe~ OCTABEMMY}O YOSMOXHOCTS HopaGorar wax, KHuUTOH; Mic~ tea w Hens Tlapruoit sa cortacue Kym xors 6st om oxsewmaap; Jlaype Auane, Bpocy Bapay u Kputcy Baprono- MyM 3a LeHHBIC saMeyanN; HaKOHEH, wHOrONHCacH= ui corpyaukayt Ganka Morgan Stanley, naasannnin 1 Sess, KoTOpHIe Borel-Hewoxel cram nepcowaxa- ‘Mit oft KHHTH. 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Hamero MILLIN- {pad nnoaHe XBaTvI0 wa sapniiar AecsTH TRICHNAM COTpYA- KOR Garika NO BOEMY MPY, HM MOCHE JTOTO HAM OCTANE TonoHo npr Kyun. Menemxepia 8 Hamel rpynne 10 yA MHOTOMILUINOHABIC Mpesarl, MaKe caMbNe prLto- hue corpyaMN HEN AOxXOM € mIecTEIO HyaANEL. MHorHe 9 Hac, w TOM Hee Hs, uce eMe MpONOKBIM 2. Hanickaniisl nosueTee pow.abyx aecxTHteTHit EME nutes arwoctbepolt 4ucTo suKapeKolt 9Hepri. Tpynna upowspomuunx nonyuasa pykouoacrsa x neiteTEHIO for caworo npesiutena, JLxoHa Maxa. B Gane Max npowiet lice eTYNeHBKI, HAUIHAR ¢ caMorO Aa Toproporo ana. TAM cero nio-npexsiemy aosyr Maxkit-Hox: Ha craze y Maxa 803= MINAIOCH HeNTO pone BHYUITENBHOTO weTaNMYeCKOTO Luruipa, Ha KOTOpHA OM, KaK ToBOpHLAN KIeBeTHNK, TPO ‘utes Hacaxsinar® npodrlenpsronasex corpyammxos. 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A Gian xyxancia no npodaxe OM1HOHOD 1 dvoepcon i mnecriuwonnon Gane Hoo: opea Pint Boston, A sbonka 3 0H OF ynpamamoutero areNTeTBOM no Hll- sy soxorinva aa ronnie, 3a MOCRENE An OF 300 ina ie yee neexonuio pas. Hano cxasaro, Monet? OM Ba Span Towwo: mpesin nhs pews tputayoxanoch, sponsponte Gywarn Out a TotweMe, Cit 8 Henge CKAGAL, TO, CCN OH NEHA cOCRATAET TYAy rhofay. On nooGewian pasneaare w wavecraTs. Haxoveu pasaates aB0HoK. 910 Gir soxorHuKe, HA © xopouimie secraN, = @ponk? — npouientaa ov. — Mla? — orosmanea a eros xe wxpaninso. Cocex Bast ym Ha ews € rlozospentMeMt: 8 ToproBoM sae urenTaT ve mpunstto. —Ecrn. —Nro cers? soir 1 yramas wosmoRsioc E _ To cawoe, — 04 uym, sannyaes, — Taos paGora. To, 170 pu mpocita, Tepeswont mie. oneps yxXe ¥ MCHA 9aO}4I0EH cepate, Coceay # exaran, nepHyeh Hepes HATH MHYT, HOH, KAETCA, nOranarcs, vifeat net, B pECTOHOb PHHY-TOR KAK saMpaREKIAH ery. HuGpan MOMEP, 5 MPHTOTOBIET py'iky ML GyMary; ryakH npoxoxniich, KOMETER, ea MOMRVTy, A oxiNA nora per peeTHGIOA H_¢ YAMOUIKOM NOCMOTpEA Ha HORE 20TO- hn qbupsir FoaySotl napyeHK Ha GeOM ¢bone NOX Ham Gow CS Fist Boston. CS ostaaio Credit Suisse; aror Kpyr fru mmeviiapeKitt OaNK HesaBKO MpHOGeN Hay KOHTOPY. Honay 2siGieva Ohiza Henmoxa rpaicveckH, HO AAR Met hii He Mora exPHITb O¥eRAAHOTO dbakra: First Boston He rolivted i MEXKOHTANEHTAALHOTO TINARAIHA, 24 1 BOO6- Ile Gtin0 HenOHATTHO, Ha WTO OW Tenlepe ronHTeH. HeHO, To INecro 2T0Hh a0xKe Ha npwtkone w BocTone, a 0 Bepiia ch raiKax He 7oitTt. EnuncraenHoe, “0 TYT GAO B MEXKOH- ‘ierrassiow Macutra6e, — oto” y6uTKH. Ha nasorre apnurer ome npuwep: oxtaxam First Boston ccyaita dhupste Ohio Mattress 450 nustmoHon xoa.aapon — 40% cero eboero kanurana; Ty cHeaKy ocTpOYsIM € Your-crpirr cpasy oxpecruan «npoxpyctoniis 10xess. 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Kpiriarh 8 3ToM GezzaMe 6 oneaio, ah onmeie eT TpeHepon YnKarcKol ToD Supt yo.tr-erpertonexne Tpeiineps He HomKsvOTes 3H Mit — pave ‘TO o3MIBAIOT KOrO-TO CpeaHNM. TamBUI Bnpovex, no ry6a shame MoxNO noHsTS, 170 TOROD ‘etionex — Heninitoe «Caen» nai oSiNIoe Bnpoves., axe n 9TOM «MAIKETpeMe> HeTpYIHO OT aakaTan, rarcTyk ciyient, B pykax HeckomsKo Teeso Max TpYOOK, omy HE HAR GH HOcTORNHO BpocaeT Ha CTO, Na KoMbioTep WIN accHcTeHTy H Tyr ae XnaTaeT oepesIO fnowstk 5 GextonHoro naxera. TIposaseu, HanpoTHB, oaMynivo nlonpannser sanoHKn, nepenocs TpyOKy OF a ay Heekosbko ‘asttaestonaTix Gece. Xopomntit NpoxaBett| “xeT ouloupeMeno cyan © KaNeHTOM, OBCyAIaT: KePoM, mpikaabipare accHeTeHTy CAH MOWUMK y OGwsciIRTe xKeHe, Te OH NponAALT oO YeTKIpeX YFPAy — 19 veo ns ero cOOECEANNKOR HHNETO He SanoxospuT 0 I TOBApICBAOILEN, HH OF OXPYAAIOWES Ge IaNe 2PM ko. it BHAWMLIM XBOCOM TOPTOROTO 3a CKPHABAETEA vega nopnsox. Tete n nponanta xan w arwoede- ser COC, CRPHTUE EDO paROHHRE OF Cex Pe Ne eH pacooro Hem Menonore PasHONpS TmemecotasstOF0 Per POBARIN HuTH NONeNeIsIN paGore- di top, MeNbiict Mt ACHILMH B Topromu Stax eee jen, m OOTDINTCTBC CbOEM oItN Hoes ApEn tapon Hu ote koporkare 1oOxn. EAnneraerh pv ‘Mine nan am60. nporpecciniix couanne nepewtr — ‘pouneevsr onpextunanouases eronwa ners erxan- {ios 10-103 Hoya 3 Fit Boston craxiponarcs 9 sein npeerantes- ow osutcerve. Boctionitox avo Gav Genie spt 3 Tapmapaa, Henn w Oxebopna 1a xe 13 cocrosrensiun ce net Onin Takoit craxep omnpaniicn mn Cau-DpanineKo, Ina Owiatetsno, euie oat b inaro, a ioxna wnt Goanie — 6 Hiio-Hopk 1 JTomon. 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Eesut weTopHsi npmykpaunearack, nee Guxm TomLKO Jobo, te SasfOMINLIOCY eTATBHOE OTHKCAHME TOTO, KAK ‘ona xaaccno Gpaia w por» y oaHoro cxACTANDUNKA, KOTO= omy foneso sussaTb ee Ha AOporoit yaw. Bsteayua pac ‘Ck, OANH ponent ckaa MHe: «Y Imo Tenlepy ecrh a= 1 8 Hamel Kowrope>. Havanaione oraeaa nponax wer weal rapen cexpe> ‘rap, KoTOpHe MlocrosHHO Mensmuce, [xaRHolt 20x7OxM= Tenbriueli Taw Gina mecrihyronan Grows; c= pabOTa COcTORNA B-TOM, MTOGH HOCHTH Kak MOAHO MeHbie One Wxewoxicrpipobars HorH scewy say. Hao ckasarb, nes ‘wa 970 Ha penkocTs BuipasnTeaio. CoveTanine mbariamero ACHEKOTO Woy ¢ BoANyIOULeM aTMOCHepOll MHCIAMApAETE ‘gywmannoswonmwocms e0K KPENKO YaapsLT0 w ronoBY. A KOMIa KaprINKa Mab inxan MPMEAIACE, HaNANBHNK OPA APYTYNO MONONEHEKYIO CCOMPYANIIUY M TIOPY¥AN yA elk COTHOPHTE w aaNe 4T0-H- Gyn amaxoe, Onvtt crapuniit Tpeftiep no xHLANUULIM 3 xamHtM THIATICL XOPOUIEHEKHM aceucTenTTKaM 500 xoxa- pos, ecu ONM COMTAMIBANCE CAERETE, THLITENBHO © pac Cranonkoll, Goro MapHHonaMHBit orypent, nostri ‘jocbonoM Jit PYK. Tanna Tpeittepon ¢ yxonomTaMIeM Ha- Gnomana, Kak Hecacruas covepuiaza cpoll noaButr, Toay= ata Harpaay W Tyr xe oGrenLisANa neck TOPrOBLA 2 TIyMa®, "0 yOROMCTBNE, © KoTOPLA st HaGNOM pu aricosyio Ori Toprosoro Jana, OTVaCrTH OGEACHCTES KA~ Nero IERSIOM MOerO apaxcrepa. Ho dak eee hax: TOP Toni sa1 OWT ana Mews pomoll cruxuet. Msi aan, 0, coil MHe TpiuteTes Mepeenrs First Boston wa Morgan Stanley, mpmsuianyio cpeny st He norepsio H Gyay wyneTHO- nur ce6i IpHMepHo Kak PlAGKA, KoTOpyIO MpocTo Tepeca- ium HS oaworo aKsapHywa D ApyroH Cosevenonanust © npeacranitrexsie rpynmit rpowsnoa- ix Morgan Stanley mime 1ovosuio r7aiko, 1 190 Rex iu wnoGpaxan WenoneKa, aHaIOUeTO cebe UeHy. Tpynna sta oGosmauarac. TTT — coxpamenne or «rpyrina powavox- ‘mixx npoayxtos» (Derivative Produets Group, DPG). Ow MeNe.XKeD TOIKORAT Me SFTO-TO 0 aflepROKIKICCHOM Guatie- ‘ce 11a nepaoxstaccHom yposites. JIpyrolt ~ To, no ero wie no, octonsete nepenextunes FTIMT cnssains eel © Boa Hitkatommca patwkan, TO ects € Moelh obacTHI0. Ont oGe- a1, ro een MENA BosbMYT, To H OyAy yuacTHOBATE 8 MOxHOM MEpONPWSTHH 110 NPONSBOAHIM, HaDHANeHHOM Ha, ‘npeab n oGosnayanmewes a6Gpenuarypoll FIASCO. O6 arom 2% Koe-1T0 Bult H He MpoN Gu Ob NOyYACTBOBATE, HO ‘MecTe © TeM ana: Kora pone mHRBeCTATMOHOTO GaHKA ‘sro-To oBeutaeT, walleoB Ha STO HoT HIKAKHKX. Ho Bee=Ta- ‘1 Kaxas-To Haexeta y MeHIN OeraBanaeh, MoTOMY {TO of M1 OANMM HES mMALEPOB TPMT M, TO EHyXaM, TAABHBIM ©praumsaroposs neelt aren. Heexonsko nponanuios cawosaGnenno pacexasiisas, Kombo «xyCKON> OHM CIesIaNM, TIpodaBits MpoNsROTHNMenomsyior 970 c10H0 He B MIpAMOM HW BCeM MIR CeMBlere; «KYCOK® JU HIKX — 970 lua, co MHOTHMIE HyZAME, HO Kpallsell Mepe € UleeTEQ, Yout-crpur we ronopsr: “1 cena MHMAAHOH, a oKd ‘Al exenan xycok», Muorue corpyannxit PTT «ienaam gy Kile, H acTO M10 HeckombKy. 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First Boston Tak 1 ocTatex ® npowioM, © 1980- 970 propocopruoe saueslene, % HNeppsie TOMY! ora HeKat ero azarae, Coracho opisaxbiiony pesmaennuia pacnoxaranach 1a Mapk-anenw Taasa, eerb, Kak Mie OOwaCiNUM, Mexay 52M S3-fynin SIowan gro Tak, ro sane eeoduso ¢hacadow vt 1a Tlapr-aveno, Ho ckomxo 51 Hit xo ssaz-tepea mo ya, HHH hoxoxero Tak H He Naiiea, BXoHlle KOHHIOR #1 crpocit nepuoro nonanieroes kepka, rae 79 Mapx-avewo Fk ‘On yxauneuryacn it Maxiyn pyxoit Kyaa-To Bray6b. ‘OKARUTOCE HORE HE Ha CAMO TTapx-apeMo, H © yANB anxe He Giuro naKo. Ini 1SO@yr08 Mexay Mapk-aneMO I 23 oto CF 2 MEE NePHUMMACTRAMN CHNBORON TOO moneys, KoToppe OT36HAH0 Fist Boson ov nepeoxnac Banko, Caso quate (CCT BAM AOBOMMAOCE BHIET ero) B TAKOH sevepesusier cOOOH MAeRKI YpOAMUCTHNeCKOM apxa AS pn 1980-XTO08, KAKO CaM First Boston — waits reethivel MiBeCTHIMONWON OAHTHKH. 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