Letter from Clark Worswick

I have read your very informed and quite passionate posts on derivatives and I applaud you.

Sometime in 1998 I started a thread on Silicone Investor dealing with derivatives and my particular bent was a great worries about something called "the Herstat effect" ... that is, counterparty default.

For a history of these worries seee:
http://www.siliconinvestor.com/subject.aspx?subjectid=22689

My best to you

Clark