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Pastimes : Can SI Members Really Manipulate Stocks?
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To: Andrew Vance who wrote (19)7/30/1998 9:40:00 PM
From: Patrick Slevin   of 461
 
That's interesting Andrew, it reminds me of two posts I made somewhere recently about Merrill's Focus stock and a boiler room I briefly worked for years ago. Henry;s opinion about MMs and their activity with respect to the view of the SI poster is generally valid but in the case of the Pink Sheet level stock or way Under The Counter or Deer Nuts or whatever you choose to call it issue can be far different from the status quo.

To re-cap, the boiler room of which I am speaking had a regular routine. The high-end brokers and managers pressed the low end guys to push this or that issue with promises of extra money on the commissions. The trading deak would tell the managers that the issue was starting to break down and the high end guys would start to get their clients out while pressing the low end guys to get their clients to buy more, and promise them more in commissions as well. The desk had to unload stock.

This is not a fantasy. I was there. Although not for long.

Although it was not DH Blair, I once got a call asking for info on Blair. Lots of suspicion there, I imagine.

Many of these guys also worked for my fellow Alumnus, Bob Brennan. So although Henry has a point, Market Makers aren't the most honest guys in the world either. With regard to the Merrill remark, I knew an ex-Merrill guy who told me that Merrill traders would accumulate and then make a stock it's Focus stock and sell into the wave.

None of this can be proven of course. For every Bob Brennan there are probably many more and SI is a breeding ground for people to take advantage of the "get rich quick" crowd.

I hope we are still friends....get your millions from Ed McMahon yet?

EDIT. After all these years the hype just keeps on keeping on. An ex-OPCO guy called me last week (a friend....I use his Jets tix) he left OPCO ---some kind of political thing at the high end I won't discuss on a board--- and called me to say he was at some new joint. He was called away and a broker picked up the phone to tout ROSDF and RENEF or some junk. Same deal. Just another Boiler Room with a pump. Both $5 IPOs with a warrant trading over $8. The usual top-out level. I said sure, I'll pick up a few thousand, goodbye....stocks both are down a buck.

Hype...straight from the source.
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