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Politics : Ask Michael Burke

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To: The Perfect Hedge who wrote (23106)	9/26/1997 11:21:00 AM
From: Knighty Tin	of 132070

GD, The specialists on the NYSE are no models of honest work, but they do have an obligation to place customer orders first whenever possible. So, if the specialist is bidding 10 and you are bidding 10 1/8, you are now the bid on the stock. Such is not the case on the Nasdaq. "The Wall Street Jungle" detailed a lot of abuses by specialists, but compared to the Nasdaq, they are Mr. Clean. The CBOE is just as bad as the Nasd. The only good news being that most players on the CBOE are undercapitalized and several of we buyside types have been able to bankrupt them over the years. -g- MB

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