The Wall Street Journal and the Global Markets

On October 16, a friend of Tom's told him it was going to be a bloodbath in the US markets today. The phone never rang at 7 o'clock in the morning unless somebody died. But what happened was the same portfolio insurance guys now took the data that was happening in Europe and it was still happening live because your markets are still open. They were feeding that data back into the computer system and guess what the message was to the American asset managers that bought this product. And so you see how the numbers grew exponentially. It lost 50% of its value in half an hours. What do they sell? Johnson and Johnson makes baby money. You're kidding me right?" he