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To: Stewart Elliot who wrote (11106)	6/22/1998 12:17:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 14631

If you think that there being a group of MM prevents manipulation because of offending MM would be "taken to the cleaners" by the other MMs, why doesn't this happen with what we both agree to be spread manipulation, which is another form of price manipulation? The SEC has used a specific word for this in the report they have released: collusion. Please reread the SEC findings on MM manipulation. You do not appear to have kept yourself up-to-date at all with the specifics of MM manipulation of the markets, otherwise this would not be an item on your list that disputes my contention of more aggressive MM manipulation. This finding by the SEC has been in print in one for or another for over one year now going as far back as a Forbes article on this subject. I know no matter what I say or what printed authoritative evidence is out there, you will want to remain with your understanding of the NASDAQ MM process. That is your choice that I am not invalidating here. But at least do some of your own research before disputing another person who has done a good amount of research themselves on this topic. I suggest starting with the SEC web site. Bob Graham