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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Robert Cohen who wrote (11623)5/31/1999 9:43:00 PM
From: William Epstein  Read Replies (4) of 27311
 
Doc;

Did you ever hear of investment bankers? The MMs are the little guys. They are just employees. They are authorized to spend money by the investment bankers who supply them with money. In business there is the "Golden Rule" it means, the guy with the money makes the rules.
Most investment bankers are part or partners in brokerage house investment banking operations. Remember, what NASDQ stands for? Some investment banking operators are independent. These guys make the rules and hold long term shorts to control stock prices so it doesn't appear in the MMs' or the specialist's book. What do they get out of it? Big profits on the shorts and by controlling the stock's price they insure their success. Where do they get their money? From the big brokerage houses which own the MMs and all but two specialist firms on the NYSE. They, in turn, get their lines of credit from the big N.Y. banking operations and the banks get their money at the Fed. window. You have been trained to do research. Research it.
Bill
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