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To: cfoe who wrote (45229)	10/18/1999 9:01:00 PM
From: Voltaire	Read Replies (1) \| Respond to of 152472

Voltaire's Tidbits - I have stressed many times the Hierarchy like nature of Wall Street and the status of the Large Houses and the subservient status of the lesser houses. Thought some of the doubters might find this interesting - From the book - Den of Thieves - " Tubby Burnham sought out Drexel as a merger partner primarily to hoist his company out of the submajor bracket and attract more underwriting work. When Burnham visited the chairman of Goldman, Sachs and Morgan Stanley, the EMINENT FIRMS WHOSE BLESSING AND GOODWILL THE MERGED FIRM WOULD NEED TO SURVIVE in the world of Wall Street, they gave their approval ON ONE CONDITON: The venerable Drexel name had to come first, REGARDLESS of the true balance of power in the firm. Hence Drexel Burnham & Co. was born ". Like I have said, the lesser houses will do what they are told. Selah, Voltaire