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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives
SPY 695.17+0.2%4:00 PM EST
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To: robert b furman who wrote (22307)7/28/2011 9:15:07 AM
From: Berk  Read Replies (1) of 221644
 
Basically the bankruptcy of the Market Makers who cleared through it. I remember going in and hearing about margin calls in the millions which of course couldn't be met. First became a bag holder which meant
Continental did which meant we all did via the FED.

You'll appreciate this tidbit: First Options was acquired by Continental from Spear, Leeds and Kellogg about a year before the crash, three guesses on who bought them at fire sale prices two years later. S,L and K was a major NYSE Specialist firm at the time.
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