Please forgive that junk e-mail

12:49a ET Monday, January 19, 2004

Dear Friend of GATA and Gold:

This Reuters story, cribbing from the Financial
Times, may be interesting not just for reporting
that J.P. Morgan Chase expects the U.S. dollar
to continue to decline but also for indicating
that the bank has almost as many people in
Europe as the U.S. Army does. That may explain
a few things.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

a href=http://biz.yahoo.com/rb/040118/financial_jpmorgan_1.htmlhttp://biz.yahoo...

LONDON (Reuters) -- Investment bank J.P. Morgan Chase
is offering some staff the chance to delay receiving their
bonuses in dollars to prevent a potential collapse in the
value of their compensation packages, the Financial
Times said.

The bank has given employees an extra two months to
decide whether they want their bonuses paid in U.S.
dollars or in their local currency, the report said.

Bonuses for many bankers are calculated in dollars,
regardless of the country in which they work, but the
recent slide in the dollar against major currencies has
wiped out some of this year's payment.

The extension is being offered to JP Morgan's 10,000
employees in the UK. In continental Europe, where the
company has about 15,000 employees, it will be decided
case by case, depending on the laws of the country, the
FT said.

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----------------------------------------------------

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