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Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: Mack who wrote (2274)	11/25/1998 6:57:00 PM
From: scanshift	Respond to of 7382

Putnam's proprietary trading is absolutely true, and the truth can unfortunately be damaging to branch offices whose customers want to know the truth. I am guessing that Mack has dealt with Terra Nova for less than 2 years; I have known Putnam since 1987. Remember also, I helped start Terra Nova. As far as proprietary trading, Terra Nova started its proprietary trading by electronically picking off market makers who were slow to update quotes on dual listed stocks (stocks listed on both the CBOE and the Pacific) back in 1995 using our in house RAES terminal for Chicago Board Options Exchange options along with our P-coast automatic execution systems; this trading then expanded into level II when Putnam learned the basics of Level II trading through his being a 1/3rd partner with Townsend and Borsellino in the SOES Room known as Chicago Arbitrage and Trading that adjoined Terra Nova's office at 318 West Adams, and continues today through Terra Nova Trading. Technically, what Putnam did with all the electronic trades that took place by picking off the options market makers, was to park them in his wife's account. All this trading however, took place at Terra Nova 5 feet from me when I was there. I saw it. This whole incident reminds me of Clinton saying he never had sex with Monica Lewinsky. Skirting around technicalities is garbage. The trading was done in Terra Nova's office, Putnam was pulling the trigger on the trades, and where they get parked, that somehow changes what happens? Another question why was Townsend and Putnam ever a partner in the Chicago Trading and Arbitrage SOES room when during the same time they were partners in the Archipelago ECN. That right there is one tremendous conflict of interest. Also, why is Townsend a partner in an ECN when they are the largest provider of Nasdaq Level II software? They have to have their hands in everything? The fact that they do tells you more than anyone else in this game, Townsend has the technical expertise to do these sophisticated searches for trading opportunities when they are available. This is in response to a question, "well where did the expertise to hunt down these opportunities come from?" See my prior posts about who owns the Archipelago ECN, it is Jerry Putnam and Townsend Again, there may well be given Putnam's past history where there is not an account that says Terra Nova on it, but the electronic trading is taking place at Terra Nova, the trades are being parked somewhere and people are being ripped off by Terra Nova and Putnam. As they say, there is a sucker born every minute. Townsend and Putnam brought in the famous former attorney Dan Webb to get a confidentiality agreement out of Lewis Borsellino so he could not tell what he knows, well that just leave me. I feel I have an obligation to tell what I know about Terra Nova; traders can examine all the facts, and then they can make their own conclusions. Keep up those private posts, I find them fascinating.