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Tuesday • February 28, 1995
JNTERNATI ON AL
The Battalion • Page 7
Marines provide U.N. aid
□ GIs offer assistance
to evacuating
peacekeepers in
Somalia's chaos.
MOGADISHU, Somalia
(AP) — The U.S. Marines came
back to the beaches of Mo
gadishu Monday, returning to
protect the last U.N. peace
keepers evacuating from So
malia’s chaos.
More than two years after
their first landing the
Marines came ashore again,
this time to mop up the re
mains of a humanitarian mis
sion that fed tens of thou
sands of starving Somalis but
failed to bring stability.
A vanguard force of about
150 Marines landed by heli
copter and Helicat air cushion
vessels on a beach at the city’s
seaside airport, where they
were setting up a command
headquarters and landing
routes for about 2,000 other
Marines and soldiers from Italy.
U.S. commanders would not
say when the rest of the troops
would come ashore.
The airport and nearby sea
port are controlled by U.N.
peacekeeping forces.
Meanwhile, Pentagon
spokesman Lt. Cmdr. Scott
Campbell said the Marines who
went ashore Monday were part
of a reconnaissance mission. He
said the main withdrawal oper
ation had not yet begun.
Mogadishu was calm Mon
day, a day after warring Soma
li militias battled outside the
main gate of the airport.
Commanders of the seven-
nation U.S.-led forces do not
expect a direct confrontation
with Somali militia. Instead,
the biggest threat may be from
stray bullets, mortars and
rocket-propelled grenades fired
by the rival militias.
Stray rounds fell at the air
port Sunday.
“Yesterday was a typical So
malia day, a little shooting, but
it wasn’t aimed at us,” said
Army Col. John Latimer, who
has been in Mogadishu for five
weeks as head of a military ad
vance ground team.
Shots could be heard, but
fewer stray rounds appeared
to be striking near U.S. and
U.N. positions.
Risky financial wager guts
renowned investment firm
Q Authorities search for British
trader whose gamble on the Tokyo
stock market results in collapse.
LONDON (AP) — Court-appointed salvagers
swarmed into Britain’s oldest investment bank
Monday to evaluate the remaining assets of
Barings PLC after a brash 28-year-old trader
ruined it by gambling on Tokyo stock prices.
The failure of Barings jolted Asian financial
markets, sent the British pound tumbling
against other currencies, contributed to a stiff
late-aftemoon fall in U.S. stock prices and sent
rumors flying that the bank’s losses could grow
as the details of the fiasco emerge.
Still, most big stock exchanges weathered
the fear.
“The repercussions have been really very mod
est,” Bank of England Governor Eddie George
told a news conference after the London Stock Ex
change closed with a loss of less than half a per
centage point in its key barometer, the Financial
Times-Stock Exchange 100-share index.
Barings’ failure was blamed on Nick Leeson, a
Briton who worked for Barings in Singapore and
accumulated $7 billion worth of risky investments
known as stock-index futures contracts, linked to
the performance of Japan’s stock market.
Leeson bet the Nikkei 225 stock index, the
main market barometer in Japan, would rise. It
fell instead.
Then like a poker player deep in the hole,
Leeson apparently began doubling up his bets
in hopes of recouping. The tactic cost Barings
hundreds of millions of dollars, forced it to go
under the control of outside accountants, and il
lustrated the pitfalls of far-flung investing in
the global economy.
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