VOLTAIRE'S PORCH-MODERATED Message Board

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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Voltaire who wrote (5155)	10/4/2000 3:44:54 PM
From: Paul Berliner	Read Replies (1) of 65232

THE HOUSES CONTROL THE MOVEMENT OF THE MARKETS??? That's ridiculous. All that the big brokerages houses control is hype. I am sure that this tremendous slowdown since April in the IPO and high-yield debt markets has all the I-bankers smiling in glee, as their year-end bonuses tally well-below last years'. I'm sure this substantial hit in their pocketbooks was entirely pre-meditated, as you argue. I-banking is the largest source of revenue for the big brokerage houses, and it is in a significant downturn, just as all the companies which were the most popular I-banking revenue sources of 1999 (IPOs, wireless telecom debt, etc.) stand at 50% or more below their highs and struggle to meet expectations. The houses only control investor nirvana, and right now they need a new nirvana story to re-start the frenzy.

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