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To: Paul Smith who wrote (6275)	5/22/1998 1:27:00 PM
From: Arnie Doolittle	Read Replies (2) \| Respond to of 10227

Paul, I never said there was a conspiracy. Where did you get the idea that I did? MM's on the NASDAQ have a BASIC conflict of interest, minimal controls (compared to the NYSE) over that conflict, and are not bound by the rules of an auction market. It's the NASDAQ SYSTEM that's the problem - a SYSTEMIC PROBLEM WITH THE ENTIRE NASDAQ. Human nature being what it is, the stronger the controls, the fewer opportunities for terminal greed. The big public stink about the NASDAQ over the last several years didn't come out of a vacuum - it came because the problems I'm referring to are real. NASDAQ market makers have a BASIC conflict of interest. Let's take an example from another industry: How would you feel if you hired a realtor to sell your house and he bought it? Would you consider that a conflict of interest or is that acceptable behavior? Collusion is not necessary when a conflict of interest of that order of magnitude is present. Arnie