Subject: sec var
the good news is that september vars are little changed from the june numbers .
the bad news is that the new power company went public in october . the stock
is very volatile ( about 180 % per year ) . the warrants we inserted into the
hawaii 125 - 0 mcgarret swaps are hugely in the money and will therefore have
substantial var . var for the total return swaps will probably be over $ 30
million in october .
additionally , you will notice a huge trading commodities var for august ( $ 79
million ) . this will require some explanation when we report high monthly var
at year - end .
regards ,
eugenio