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To: Flan who wrote (5422)	8/7/1998 5:27:00 PM
From: William Epstein	Read Replies (1) \| Respond to of 7841

Flan; Specialist partners are now investment bankers. Most are connected to the big brokerage houses. The investment bankers get their money, in turn from the big brokerage operations and some, directly from banks. Ultimately, the big banks supply most of the working capital and the lines of credit. Tell me it is completely private. I know it that so back in the sixties when I first started in the market. Specialist firms were private family operations then in the seventies the brokerage houses tried to buy them out but were rebuffed. So they cranked up the NASDAQ to counter the specialist franchise monopoly and put more pressure on. Ultimately the capital requirements brought on by increasing volume forced these family firms to sell out or sell control to the investment banking firms. Tell me I'm wrong. I was there, sometimes on the floor, myself! William Epstein