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To: j g cordes who wrote (27636)	11/1/1997 6:44:00 PM
From: Nemer	Read Replies (1) \| Respond to of 58727

Jim: ----->As this is purely hypothetical, what are your (or anyone else's opinion)? I fall into the catagory of anyone......ggg I see no problem as far as ethics being violated in your hypothetical question. I had earlier today had a conversation with Pat, the Duke of URL aka Pat the Putz and find myself agreeing with him---what's the dif ? heck this is a tough market and world out there. If it makes good business sense to sell puts, I say fine. Course, now that's just my opinion. Pat---- Thanks for the recco on the furniture . My spouse knows her way around on those furniture sites better than I do on the stock market......ggg She has settled on Thomasville for the dining room and Drexel and Henredon are both still in the running for the bedroom. You saying it looked like a margin call, heck it's worse than that----she's talking new car, too. Regards to you both, Jim and Pat------Nemer

To: j g cordes who wrote (27636)	11/1/1997 6:58:00 PM
From: jluker	Read Replies (2) \| Respond to of 58727

Jim, I would image selling puts raises less questions with the SEC than buying calls or puts. A company could raise lots of cash and manipulation would probably be hard to prove. How ethical is big business or a particular company? Your milage may vary I suspect. How ethical have the tobacco co's been? How ethical have the miners and farmers and ranchers and how about corporate welfare? In '94 the bill for social welfare programs including AFDC, food stamps, housing assistance and child nutrition was $37 Billion. Corporate welfare was $167 billion the same year. Gallo wine family gave Dole and the other pacs $1.3 million and got a $104 million inheritance tax break. Sounds like a good premium... would that be a put/call bought or sold? Diogenes or Antisthenes?

To: j g cordes who wrote (27636)	11/1/1997 7:21:00 PM
From: AlienTech	Read Replies (2) \| Respond to of 58727

>>Let me ask you a hypothetical question. If IBM, for example and to fictionally make a point, knew on Monday that on Tuesday they would announce a massive stock repurchase, and also observed during the 550 point selloff that the 90 November puts were very high priced... went ahead and sold puts at close Monday or on the opening downdraft Tuesday, knowing they would announce the buyback 10:AM ... is that ethical? What if they waited to be sure the options were sold first, then said go ahead and make the announcement? What if they then bought the puts back for a huge profit Wednesday with the stock over 100 knowing they would suggest let say next week, that sales are average or just barely meeting expectations because of Asia. << I only know about INTC, They are the biggest sellers of calls/puts for INTC.. Why would you say this is unethical? This is how INTC buys back a lot of shares.. I think MSFT does this too but not to INTC's extend.

To: j g cordes who wrote (27636)	11/1/1997 7:48:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 58727

Well, my gut reaction to your remarks is to look at the market reaction to INTC. One of the rallying points in the market in general and INTC specifically is the announcement that INTC was to have a repurchase program. yes? no? But it was a fakeout, was it not? In fact....INTC already had a repurchase program in place, this became evident after the phony rally. There was no new repurchase program.....how much manipulation was that? No....all I refer to is the routine business of writing puts in the course of a buyback program to facilitate the repurchase of shares in accordance with publically stated objectives.