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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: Michael F. Donadio who wrote (5)8/15/1996 10:21:00 AM
From: Robert Everett   of 308
 
Michael,

I have been a stockbroker( 11 years) and a fee only money manager(since 1990) for a total of 16 years. I can tell you that the Forbes article hits very close to the mark. I can only say it is worse than the article indicated. I am not pointing fingers of blame at others in some sort of fit of self-righteousness. I have engaged in some of these activities myself especially in the early days of my career before I really knew what I was doing and before a conscience about these matters began to develop. I should say brokers themselves are frequently the target of their own firms and are shamelessly used as means of getting to their customers.

If you want I could,as time goes on,detail how many small NASD firms absolutely rake their customers over-the-coals with favorite small cap stocks in which they make a market and largely control the prices. I should point out, however, that it is not just small NASD firms. Look at Prudential Securities. How the officials of that company, both the insurance and brokerage divisions,stay out of jail is a wonder to me. A good book to begin your education is Serpent on the Rock. It details the unbelievable activities of that firm in the 1980's.

I agree totally with you. There is little need for the kind of markets that are protected by the government today. An electronic market patterned after the so-called "Instinet" used by big institutional investors,should be available to the little guy,too. The one ray of light that I do see is the increased publicity the markets are getting today and the increasing demand for change from investors. For most of my career neither of those existed.

Bob
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