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Politics : Ask Michael Burke
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To: James F. Hopkins who wrote (587)8/20/1996 2:03:00 AM
From: Andy Chen   of 132070
 
Hello Mr Hopkins,

wouldn't you love to lay your hands on maria.

AT&T calls. an option market maker forced to long 10,000 calls.
what would you do if you were him? sit and wait it out? "i hope
somebody buy my calls." wall street is not a dream land. specialists
are entitled to make market. but, they are also entitled to make money.
create a short position. (either short stock or buy puts). to balance
out the long in calls. everybody happy. who's the loser? angry shareholders.

fund managers scrambling to buy puts to hedge against their long
position in ascend. specialists forced to make a market. raise the premium.
create a synthetic neutral by shorting the stock. and everybody's happy.
who's the loser? angry investors. people like average day joe lurking
around the SI threads.

Maria is o.k. give her a few seeks.
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