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To: dave brown who wrote (17782)	5/16/1998 1:28:00 PM
From: Pugs	Respond to of 27968

Dave, I believe when MM's sell back and forth to eacother to give the illusion of selling and volume, that is churning. One only has to look at the differences amongst the bid/ask of the MM's making that particular market. Example, in the TVSI Market a short time ago , MM FRAN had a bid of $.03 and an ask og $.61 (sixty-one) !! What does that tell us? Yes another MM may very well have a more reasonable spread, but FRAN's spread tells us, in no uncertain terms; "I HAVE NO INVENTORY!", and perhaps the other MM's shrugged away from FRAN, not wanting to churn shares on behalf of FRAN. Not all the MM's dig as deep a whole as FRAN has/did, but, the abusive practice of naked, undeclared shorting aids SHORT & NAKED MM's, and they will'churn' to assist their brethren. Pugs

To: dave brown who wrote (17782)	5/17/1998 2:48:00 AM
From: JIN CHUN	Read Replies (1) \| Respond to of 27968

Dave, a while ago someone posted an interesting article that was from a major financial magazine(can't remember it now). It detailed how there is alway a "leader" MM on a stock, and how they follow the lead and rarely break with the leader's pattern. It even had comments from brokers at the major firms(Dean Whitter I think) who received angry phone calls because she executed an order outside of the leader's pricing, and who was then shunned by the rest of the MM's who failed to execute any further trades coming from her desk. It happens. Jin.If anyone remembers that post please repost it.