Currency Events
For months now we have been treated to Wall Street success stories in which investors such as Lobo Botonovitch have been cleaning up by throwing billions of dollars on the stock market floor and sweeping up billions of dollars in return.</br></br>Botonovitch has been getting bad press lately because the more money he invested in his fund, the more it seemed to disappear into the sewer next to the Staten Island Ferry.</br></br>Botonovitch decided the key to his fund's wealth was in Russian rubles. He started ordering all the rubles the Russians would let him buy.</br></br>But they didn't call him the "Whiz Kid of Wall Street" for nothing, so Chase Manhattan, Bankers Trust and the Nickel Savings Bank of New York joined forces to buy into the ruble market.</br></br>What made the whole thing a gamble was that the Whiz Kid was losing his shirt on rubles. The reason was that the Russian people knew the rubles weren't worth an Indonesian rupiah.