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To: GVTucker who wrote (103232)5/10/2000 4:11:00 PM
From: willcousa  Respond to of 186894
 
by saying echanges are granted an "in effect" franchise I mean that they are a regulated industry because an excange can't start or exist without government approval. I have been in banking and can tell you how this affects decision making. You play ball with regulators or they make your life miserable. And they come around and audit too. So I stand by my statement.