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To: Bob Kim who wrote (4687)	11/20/2000 11:49:55 AM
From: Raymond Duray	Respond to of 6531

Hi Bob, Thanks for the discussion. Re: I don't think it is unusual for trading desks to place a low value on what some of their analysts say. If someone is constantly wrong, you are likely not to listen. Some of the most intelligent people on the planet are on those trading desks. And some of the most amoral. I think that there may be more to their actions vis a vis the analysts than mere disregard. The older I get, the more I tend to believe that conspiracy theorists aren't crackpots at all. I seem to recall the tape recordings of the Bankers Trust investment banker talking disparagingly about how they were dumping bad derivative positions on Gibson and P&G. This disdain for the customer appears to me to be pervasive on Wall Street. Front running is only illegal if you get caught and they can prove it..... ask Boesky. <g> Best, Ray