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To: J Gunn who wrote (46)	10/12/1999 1:49:00 AM
From: nick nelson	Respond to of 104

The "Demutualization" - real SCARY!!... kind of like the retail individual investor(s) being dragged from the frying pan into the fire screaming "A fair market?, equality of opportunity?, and transparency for all?"... ha, ha, arrgggg!! <<The Process The process we envision will be to conduct a private placement under which the NASD?s ownership of Nasdaq will shift over time from 100% to a minority stake. The majority portion of the market would be owned by current NASD members, securities firms, issuers, buy-side firms, and technology partners. Nasdaq starts as a wholly owned subsidiary of the NASD. New Nasdaq shares and warrants from NASD will be sold at fair market value to key strategic partners in a private placement, with a subscription sale of warrants to all NASD members who wish to purchase them. Control over the new entity will pass from NASD to its new owners when Nasdaq is registered as an exchange with the SEC. Although it is very uncertain at this point, these steps could be followed by an initial public offering, possibly in 2000, that would substantially reduce the NASD?s ownership position in, and effectively eliminate its control of, the Nasdaq Stock Market.>> The individual investors ends up with 10% of the spoils and the "Big players" CONTROL, absolutely and unconditionally through MAJORITY vote, the EXPLOITATION of the "engine" that fuels the markets. The demutalization is a mechanism for the Nasdaq and for the NYSE to change the "ground rules", i.e., provide a moving target to prevent or delay the ECN's impending exchange status requests. They are dead in the water with Datek and the other ECN's out-flanking them - they must move off-center somehow to reestablish their existing monopolies. A better solution would be to allow the NYSE (chg NYSE Rule 390, Rule 500) and the Nasdaq markets to remain, as is, but both STRIPPED of their "self-regulatory" function. A separate public entity, through an initial public offering, would be created - controlled and administrated by representatives of the retail investing public - which would DICTATE the rules, regulations, and SANCTIONS that the markets must OBEY! Then, and only then, will the Nasdaq MM's and the NYSE specialists conduct a fair, equitable, and transparent marketplace or they are FIRED!! I can see the headlines now - WSJ DateLine: "100 Wall Street Traders FIRED for failure to execute NBBO quickly, fairly, and in time/ordered priority!" The SEC will be invited to the retail investor's ~SRO meetings so that they will be up-to-speed and NOT always a day late and a dollar short! As the "Advocate's of the public investor" they must constantly be reminded of the distinction between the "public", which they represent, and a "plutocrat", which they bend over for!

To: J Gunn who wrote (46)	10/13/1999 11:01:00 AM
From: Wiselight	Read Replies (1) \| Respond to of 104

Whenever I watch CNBC I feel I am witnessing the biggest and most clever "boiler room" that has ever been given the right to operate. There seems to be most of the time a tremendous amount of hype and the false belief that the indexes will keep on moving higher forever. They are not very interested in bearish views or reality for that matter. What I am saying is that they are not only reporting facts but also, subtly, injecting bullishness to about everything. I wonder who are they working for? Do you see something similar?