SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

          Litigation Release No. 15852  /  August 18, 1998

          SECURITIES AND EXCHANGE COMMISSION v. ROY HANDOJO,  Civil Action
          No. 97 Civ. 6805 (S.D.N.Y.) (LAP) (filed September 12, 1997)

          The Securities and Exchange Commission announced today that the
          United States District Court for the Southern District of New
          York entered an Order of Final Judgment of Permanent Injunction
          and Other Equitable Relief against Roy Handojo, an Indonesian
          national and visiting analyst formerly employed in J.P. Morgan &
          Co., Inc.'s New York office, for engaging in flagrant insider
          trading in five companies.  According to the Commission's amended
          complaint filed on October 20, 1997, Handojo, while working in
          J.P. Morgan's Financial Institutions Group, purchased the
          securities in five companies involved in four separate merger
          negotiations in which J.P. Morgan was participating as an
          adviser.  From July through September 1997, in each of the merger
          transactions, Handojo purchased securities days before the
          companies announced that they had entered into definitive merger
          agreements.  The Court's Order permanently restrained and
          enjoined Handojo from violating the antifraud provisions of the
          Securities Exchange Act of 1934.

          According to the Commission's complaint, Handojo purchased the
          common stock of Signet Banking Corp., a J.P. Morgan client, less
          than a week before the July 21, 1997 announcement of Signet's
          acquisition by First Union Corp.  As a result of that trade,
          Handojo realized $90,728 in profits.  Handojo also bought shares
          of ACC Consumer Finance Corp.'s common stock several days before
          the August 25, 1997 announcement that Household International
          Inc., another J.P. Morgan client, would acquire ACC by merger,
          thus realizing $60,250 in profits.  In addition, in the three
          days prior to the August 29, 1997 announcement of NationsBank
          Corporation's acquisition of Barnett Banks, Inc., a J.P. Morgan
          client, Handojo purchased the securities of Barnett and realized
          $216,062 in profits.  Handojo also engaged in insider trading
          with respect to his purchases of the securities of Great
          Financial Corporation two weeks prior to the September 15, 1997
          announcement that another company would acquire Great Financial.
          At the time of Handojo's purchases of Great Financial's common
          stock, J.P. Morgan's Financial Institutions Group acted as an
          adviser to an Ohio-based bank holding company in its competing
          effort to acquire Great Financial.  As a result of Handojo's
          Great Financial purchases, he realized $261,012 in profits.
          Thus, Handojo's total profits from all of his illegal trading is
          $628,052.

          Handojo, without admitting or denying the allegations contained
          in the Commission's amended complaint, consented to the entry of
          the Order.  Handojo also agreed to disgorge the
          sum of $628,052, representing his gains from the conduct alleged
          in the Commission's amended Complaint, plus pre-judgment interest
          thereon in the amount of $36,571; however, based upon Handojo's
          demonstrated financial inability to pay, all but $588,765.72 of
          such disgorgement and pre-judgment interest was waived and a
          civil penalty was not imposed on Handojo.

          Previously, on November 6, 1997, Handojo pleaded guilty to a one-
          count information of securities fraud in the U.S. District Court
          for the Southern District of New York in connection with his
          illegal insider trading.  On March 10, 1998, the Court sentenced
          Handojo to fifteen months of incarceration, followed by two years
          of supervised release.  Handojo is currently serving his
          sentence.  See also Litigation Release Nos. 15540 (October 24,
          1997) and 15492 (September 12, 1997)