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Politics : Ask Michael Burke

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To: PaperChase who wrote (80571)	5/11/2000 7:34:00 PM
From: Earlie	Read Replies (2) of 132070

PC: I'm glad that I am not a broker in this environment. They are already hiding under their desks and it is "early days". The good ones who tried to move their clients into defensive stocks saw their "book" devastated, as clients moved to more aggressive (usually momentum type) brokers ("I had to move,.... I was only up 28% with that bumpkin broker"). Brokers who joined the crowd are now starting to become very knowledgeable with respect to the details of the "know-your-client" rules. Once a client finds that he has lost everything, it is inevitable that he will try to blame it on the broker, who "got me into all those inappropriate stocks". In court, the broker rarely wins, irrespective of the facts. Heaven help the brokers when this thing really starts to accelerate. Best, Earlie

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