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Re: bogblog post# 1225

Friday, 11/25/2016 5:35:49 PM

Friday, November 25, 2016 5:35:49 PM

Post# of 1309
It was purely OTC. We were market makers, each
trading 30-60 stocks, trying to be flat when the
market closed. We acted as 'principal'. Our customers
were the brokerage houses. They could act as
'principal' also, marking up the stock. Or they
could charge a commission and act as 'agent'
We were way to busy to play games with rigging a
stock. And we might--probably would--get fired
if we did such a thing. But we're talking sixties
and seventies, when there were only a handful of
hedge funds. Everything was a lot cleaner then.
The "Sose Bandits" changed all that and the spreads
became miniscule.