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To: Chuzzlewit who wrote (1165)	5/13/1999 2:08:00 PM
From: Lane Hall-Witt	Respond to of 1691

I tend to be a bit cynical about rules enforcement. We hear about big fines and settlements between the brokerages and the exchanges, or the SEC; but I think this is more about shoring up the credibility of the markets than about ensuring that the rules are obeyed every trade, every day. It makes me suspicious to see buyers stacked up, and then to see much smaller selling interest chasing the bid down to meet the buyers. Generally speaking, I don't have a big problem with these small-time scams; I've just accepted it as part of the price we pay to play these markets. My pet peeve, speaking of enforcement issues, is the fact that the SEC has launched a crusade against daytrader newsletters and scamsheets while simply accepting the front-running that we see professional analysts, traders, fund managers, etc. The SEC needs to dig into the relationships between research departments, trading desks, investment banking departments, and so on. The scamsheets are a significant problem, but it's despicable that the authorities focus on the daytrader community while totally ignoring abuses within the professional ranks. Wink, wink--.