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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: Michael F. Donadio who wrote (9)8/16/1996 11:43:00 AM
From: Robert Everett   of 308
 
Michael,

I hope the abuses stop sometime soon, but I doubt it. Do you realize there are almost 6,000 NASD dealers? Why? Because being a dealer gives you a legal gun and a mask!!(I even thought about buying a defunct dealer myself once. I am righteous, but weak .:) The way the system works is so ripe for abuse I do not see how it can be reformed. What we need is a ssytem that bypasses the dealers altogether. BUT, and this is a BIG realization, dealers do advance credit when you buy and sell stocks. Under a truly electronic system, like that of Schwab, you will have to have the funds in your account and have them docked immediately or the system would not work, not an impossibility, but a tall order nevertheless.

Bob
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