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Politics : Ask Michael Burke

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To: Joan Osland Graffius who wrote (97797)	11/19/2002 6:58:00 AM
From: Knighty Tin	Read Replies (3) of 132070

Joan, they've closed their trophy "high net worth" office in Dallas, too. Right now, the only majors who are expanding are my firm and UBS Warburg (Paine Webber is having a drink in retirement heaven with Salomon Brothers <g>). There is a huge number of clearing brokers expanding. They call themselves independents, but basically they have nearly zero overhead and serve as conduits between individual brokers and back office support at a Pershing or other major clearing house. It's a tough time. Meanwhile, I seem to be living in a fool's paradise. I just got "rewarded" for my performance with yet another wasted trip to Hartford. The good news is, it's only 3 1/2 days this time. Somebody is going to have to talk to this firm about the definition of "reward." <VBG>

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