Richard Ney and the Wall Street Gang Message Board

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Pastimes : Richard Ney and the Wall Street Gang

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To: BenYeung who wrote (171)	2/19/1998 10:12:00 PM
From: m-top	Read Replies (1) of 492

>>If specialists/MMs are so powerful, how come they/their firms aren't multi-gazillionaires.<< Who said they're not? The brokerage community? I guess we should believe them. After all, we all know OJ was framed wasn't he? We know Klinton never inhaled and "The Right wing conspiracy" is trying to frame poh Bilbo too Right? The deception of the financial arm of the media - CNBC, Dow jones etc. should never be underestimated. >>Many specialist firms are small units (as compared to Merrill, Bear Stearns...), you know.<< I'm sure there is a pecking order on the floor of the exchange with some units larger and more highly capitalized than others but none should be considered lacking in money, power and influence. >>And, how come brokerage houses collapse after market crashes (as in 1929 and other recessions<< I remember after the crash of '87, two specialist units were alleged in the WSJ to have gone under. It was also stated that the "ailing" firms would be acquired by none other than Merrill Lynch. What better way to merge two specialist units with Merrill Lynch's retail operations. On the heels of the crash, it was a means of making the specialist system too look vulnerable. The public wanted blood and the media gave it to them - as even the poor specialist system was wiped out by the crash (not so). The crash was the perfect cover to unite two financially lethal businesses. The conflict of interest inherent with such a merger boggles the mind. But it was all explained away under the guise of financial hardship. As with the short sale rule, and more recently trading curbs, they are offered up to the investing public as in the interests of main street while all the wile, specifically tailored for wall st.

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