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Technology Stocks : Seagate Technology

STX 304.01

+6.9%

Jan 9 4:00 PM EST

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To: William Epstein who wrote (5429)	8/7/1998 6:41:00 PM
From: Flan	Read Replies (1) of 7841

Let me get this straight - you think the specialists caused the market crash??? and that the nasdaq was started because specialist firms rebuffed being bought out by the big brokerages, Please!!! Everything you post is complete fabrication, your sensationalism is hilarious but totally meritless - Most specialist firms are well established and use their own capital for floor activities or they have or have established private LP whereby they can draw on capital if needed to fund their operating activities. Gets some facts first and then post otherwise you said "Ultimately the capital requirements brought on by increasing volume forced these family firms to sell out or sell control to the investment banking firms. Tell me I'm wrong." Yes you are wrong - most firms that did sell out sold out to realize the value of their assets for instance their seats on the floor that have appreciated from $15,000 in the 60s to a ridiculous $1.3 million today. Credit has never been a problem and increased volume trading is to their advantage, remember they make money even if they are not on either side of the trade and act only as the negotiator- they can tap private partnerships, commercial banks and or brokerage houses and get attractive grid pricing on anything they draw upon. But remember also most specialist firms have built up sufficient capital through the years that they do not often draw upon other sources but when they do it is at attractive rates and the institution that they borrow from have no influence over their business activities in the slightest.. no need to continue this discussion, you now are posting complete hogwash!!! without any factual data to back it up.....

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