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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: Father Terrence who wrote (55)8/30/1996 2:12:00 PM
From: NightOwl   of 308
 
Thanks for the considered response Terrence. And I do plead guilty to an overly simplistic viewpoint. :- )

But in all honesty I do not see the "need" for brokers. I don't say that they should be out of the picture totally; but I do think there should be far greater separation between them and the market. You are quite right in calling my bluff on the need for some service in presenting companies to the capital markets. But in my heart of hearts I can't escape the belief that it is the very complexity of the system and its "invisibility" to the investor that makes the fraud possible.

People who rely on the services of brokers and underwriters should have such services available but they should bear their costs. Neither of those services, in their traditional roles, is necessary to effect a trade. Similarly, the role of an underwriter need not be served by one licensed as a broker. All three roles in my humble and inexperienced opinion will have to be strictly segragated before we can expect to see fraud and deciet at a minimum.

IMHO, there are simply too many affiliated, overlapping director, cross investment relationships amongst these three sectors. It breeds a "clubish" attitude towards the markets. The major players act as though the markets belong to them and in a real sense they are correct. In the absence of such segragation it would be unnatural to expect anything approaching arms length dealing between them.

How's that for a Utopian wish list? :- )

NightOwl.
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