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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: Robert Everett who wrote (49)8/28/1996 7:12:00 PM
From: Eric Hovdesven   of 308
 
I agree that instinet etc. is a better system and that the stumbling block is financing. MSFT and INTC may leave NASDAQ but NASDAQ NMS has always had defections and I guess it will never be the NYSE but some legitimate companys will always be on NASDAQ.

However this response is done to make the following caveat to your post as to NASDAQ becomeing a craps table and anyone who ventures their will deserve their fate. I doubt that any market would admit that investing in its stocks is akin to gambling (in a fixed game no less) and as long as securities firms hold themselves out as something more than used car salesman there will be many investors who justifiably do not know any better.

Many have said that perhaps attempting to regulate, putting out regulator hotlines, testing brokers etc. etc. gives a false sense of security and thus regulation should cease or be scaled back. However brokerage firms want/need investors to rely on them, the financial markets are just to complicated for the average citizen investor to understand. I would be saddened to see the day when the only way the average citizen could own a part of corporate america or participate in equity investing is to buy mutual funds. I like to believe that part of the way we hold corporations accountable to citizens is by the citizens owning them, even if it is a small portion. That is one reason why against my financial sense purchased 33 shares of Boston Beer in their direct offering to their customers. Yes it was P.R.but I also look at it as a nod by Boston Beer to the relationship of the public as consumer and owner with the company. I know I have strayed so I will stop by saying for some it is important that a financial adviser be trustworthy, full service firms who view brokers as salesmen are doing our country a great disservice.
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