you quote and say

"So, according to Goerner's letter, Patriot's cash was invested in
student loans by somebody they hired at Deutsche Bank. In other
words, our supposedly top-flight CFO didn't know how to properly
invest millions of dollars, so the money was given to some dweeb at
an investment house. Because, so the logic goes, the interest rate
Patriot anticipated getting was worth tying up nearly all of our
liquid assets that were and are needed for our own viability and for
an acquisition. Oh wait -- it ISN'T worth that anymore -- we're now
going to put all our millions in a checking, oh excuse me, a money
market account. Because we done learned our lesson -- me, the mighty
CFO, and Gloria, our mighty CPA BOD member -- that student loans BAD,
money market GOOD. We be finance majors. Yes we be.

Now it all makes sense, Mr. Goerner. Thank you."

• re Deutsche

When I heard that a Deutsche advisor had placed us in ARP's I felt more secure in the safety of our principal. Deutsche and would have a fiduciary responsiblity to guarantee our principal, especially if the advisor was given instructions by PTSC that the funds be available in the short term. IMHO we are in the catbird's seat with the remaining funds. Earning a high rate of interest while retaining the right to demand those funds immediately from Deutsche.

• re hiring Deutsche

I believe it is the CFO's responsibility to manage short term funds, but I have no problem with delegating to an advisor. It added an extra level of protection (see above) and allowed Mr. Flowers to prepare PTSC financials and evaluate the financials of MA targets.

• re money funds

If you know of a better place to put short term funds in the current economic enivironment. A safe place where they earn a higher rate of interest while remaining immediately available. I am sure Mr. Flowers would like to know. I know I would.