Dear CIGAs,

Today the Secretary of the Treasury discussed the following points:

Point 1: International regulations are draconian with central banks now becoming the regulators to stabilize markets. Under the proposed new regulations the new regulators have the right and obligation to take over all types of banks and international investment banks when required without usual procedures.

Translation: This is it. The OTC derivative meltdown is far from over or under control. The history of central bank?s judgment of markets is probably the worst anywhere. In retrospect, central banks have always caused the bubbles and breaks.

Point 2: The Secretary sees economic activity in the Euro zone weakening.

Translation: ?Dear ECB: Please do not raise rates.? Good luck on that one.

Point 3: We are going through a rough patch in business.

Translation: It is going to get really bad out there. Put on a hard hat if you walk close to any building in which financial entities exist.