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 -----Original Message-----
From: 	Keiser, Kam  
Sent:	Wednesday, September 26, 2001 7:53 AM
To:	Smith, Matt
Subject:	VaR violation

Matt,

You have exceeded your VaR limit.  Per the rules set by John Lavorato I will have to take $100,000 from your P&L tonight.  If you are still over your limit tomorrow morning, the penalty will be $1,000,000.


Kam

x3-5781