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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: Jeff Dryer who wrote ()9/26/1996 9:07:00 PM
From: Simon Econovich   of 308
 
What about the specialist system?

With so much POWER given to a single specialist unit, its no wonder all the
tabloids like WSJ and Barrons forget to meantion that the NYSE is a
PRIVATE CLUB (not incorporated, and therefore not subject to laws of
incorporation). The "club membership" (i.e. the specialists) can SHORT
NAKED, GO LONG ON 5% MARGIN, and borrow from the FED if necessary. Its really
hard to say how much these people rake in annually cause they all have
numbered swiss accounts (not to meantion frequent conversations with
corporate insiders). Against the law, you say? That's what the SEC conclude
in 1963 in a massive study ... of course nothing came of it.
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