"Secretive support team to prevent markets meltdown"

[zengrifter]

Paulson re-activates secretive support team to prevent markets meltdown



By Ambrose Evans-Pritchard
Last Updated: 12:09am GMT 30/10/2006
UK Telegraph

Monday view: Paulson re-activates secretive support team to prevent markets meltdown Judging by their body language, the US authorities believe the roaring bull market this autumn is just a suckers' rally before the inevitable storm hits.

Hank Paulson, the market-wise Treasury Secretary who built a $700m fortune at Goldman Sachs, is re-activating the 'plunge protection team' (PPT), a shadowy body with powers to support stock index, currency, and credit futures in a crash.

Otherwise known as the working group on financial markets, it was created by Ronald Reagan to prevent a repeat of the Wall Street meltdown in October 1987.

...more - http://www.telegraph.co.uk/money/mai...0/ccview30.xml