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Pastimes : Richard Ney and the Wall Street Gang
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To: Colin Cody who wrote (458)7/18/1999 11:30:00 PM
From: chartseer  Read Replies (2) of 492
 
Impossible, there are exchange employees and floor brokers and the quote system. All orders are time stamped at point of arrival and all quotes are time stamped when they are changed.The specialist can make a decent profit just from the supplying and buying stock. He also has the house advantage of knowing where the orders are in the book. The only one I ever saw get it to financial jam Was Goldstien and Company when Winnabago was listed. After supplying stock that he could not buy back he relinquished the Winnabago franchise to W Frank and Co. W Frank and Co had more capital and specialised in more stocks and could handle the stock until the oil embargo put the damper on the Winnabago stock. Remember I wasn t there in 1987 when many specialist firms went under in a day. The specialist unlike the NASDAQ MM had to stand there and make a market and keep buying stock while the MM just didn t answer their phones.

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