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To: Robert Knight who wrote (863)	7/9/1998 2:17:00 PM
From: ahhaha	Read Replies (1) \| Respond to of 1510

For those who don't believe in market manipulation..... I don't. It's completely impossible to do. You couldn't even get a massive secret collaboration to pull it off because it would end up losing its stake. There have been endless attempts to rig or manipulate individual markets. All have failed. ALL. The '33 Act wasn't necessary. Manipulators are punished more severely by the insidious nature of the market more so than the law could or would punish them. The law is reprieve. Indeed, if market makers abuse the market rules their expected return falls. If they obey the rules, their profitability is maximized. If you don't understand this, you don't understand how markets work. All market makers understand this because if they don't, they don't last long. Every year there is an occurrence where a new market maker tries to use their position to get some evanescent advantage. What always happens is they are discovered by other market makers who are getting burned or the SEC gets wind of it through the public. The markets are too vast to be hostage to manipulation, but the public will always make that claim to hide the fact that their losses came from their own greed.