NYSE Specialist - Stay or Go - vote here

[jimrockford]

Please also keep in mind that the originator of this thread, who designed the poll, namely Hamlet, was previously caught posting under multiple aliases into another thread regarding NYSE specialists (see "Observations on the NYSE Specialist.") This dishonest behaviour throws even more doubt upon the validity of the poll, above and beyond that which was already mentioned or which was always applies to such polls.

 

[Hamlet]

Quote from jimrockford:

Please also keep in mind that the originator of this thread, who designed the poll, namely Hamlet, was previously caught posting under multiple aliases into another thread regarding NYSE specialists (see "Observations on the NYSE Specialist.") This dishonest behaviour throws even more doubt upon the validity of the poll, above and beyond that which was already mentioned or which was always applies to such polls.

Very good Mr. Nader. I do have one other alias that was intitiated long ago on a laptop, from which I post perhaps 3-5 times a year. However, I have not voted even once in this poll at all. What is your point?

If this is a burning issue for you and it is causing you to lose sleep, feel free to address and confirm what I said with a moderator. You do whine more than any other participant on this forum.

 

[Dustin]

Quote from jimrockford:

The government protects the NYSE monopoly, thru the trade-thru rule, by blocking OTHER markets from trading thru the NYSE quote. Thank god the SEC has decided to eliminate this problem.

I've seen others claim this, but it's your broker that doesn't allow it. I trade through NY quotes all day long on ECN's...there are no restrictions unless your software has it built in.

Is that what you are referring to?

 

[Hamlet]

Quote from jimrockford:

Hamlet's argument falls apart when you actually read the entire article I posted, and especially when you do even more reading elsewhere. The entire article shows that, according to the U.S. Government, the entire NYSE, and especially its regulators, are corrupt as an entire institution, and the corruption is not limited to a handful of isolated individuals. This is a fundamental, systemwide, institutional corruption, very much unlike the isolated examples of individual corruption sarcastically listed by Hamlet. Individual examples of corrupt doctors, lawyers, priests, soldiers, etc., obviously do not merit condemnation of al doctors, lawyers, priests, soldiers, etc., but the NYSE is different. Our own federal government is telling us that the NYSE, as a whole, is fundamentally corrupt, not just certain NYSE employees.

Hamlet's argument, like most or all of those in defense of NYSE, is long on flashy salesmanship, but short on logic and short on facts.

Yes I've read your article. I could not miss it since you have posted it all over ET numerous times!

The article tells the tale of an extensive TWO YEAR investigation into the NYSE from top to bottom. It appears to have been a very thorough and meticulous one. I am sure that no stone was left unturned. What was the result after this two year investigation? Fifteen traders were criminally charged and five others were civilly charged. The NYSE was also found to be at fault for inadequately policing and punishing them, and thus settled a related civil charge.

This is the entire NYSE being corrupt as an entire institution? This is, in your words, a fundamental, systemwide, institutional corruption? I think not.

Yep, they found a few wrong doers, who were rightly punished. Show me a single institution on the globe where a few bad apples would not be exposed upon close pro-longed inspection. Launch an extensive two-year investigation into any institution that you choose and let me know what you come up with.

 

[1000]

Quote from RedManPlus:

Hydroblunt knows his sh*t... this is the exact point.

"Critical analysis" is the #1 requirement for a successful trader.
Anyone who actually believes that the Specialists are honest and obey their own rules...
And actually provide some kind of nebulous "public service"...
Demonstrates a virtual absence of this faculty... and is doomed.

rm+

Do politics and trading go hand in hand?

If so than the our democracy is doomed, and may be the Islamic fascists have a point.

 

[1000]

Quote from trador375:

not to sidetrack us back to the topic that was brought up here but . . . does anybody notice that all the profitable categories vote in favor of the specialist staying, while the only caegory that votes against him is the one that loses money trading? just some food for thought . . .

That would be true if there was a voting cat for "earn -0$ and go." Its hard to imagine that anyone earning +300K$ "go or stay" is losing (unless they are just plain greedy). Forget whatever the spec might be.

 

[jimrockford]

Quote from Hamlet:

Yes I've read your article. I could not miss it since you have posted it all over ET numerous times!

The article tells the tale of an extensive TWO YEAR investigation into the NYSE from top to bottom. It appears to have been a very thorough and meticulous one. I am sure that no stone was left unturned. What was the result after this two year investigation? Fifteen traders were criminally charged and five others were civilly charged. The NYSE was also found to be at fault for inadequately policing and punishing them, and thus settled a related civil charge.

This is the entire NYSE being corrupt as an entire institution? This is, in your words, a fundamental, systemwide, institutional corruption? I think not.

Yep, they found a few wrong doers, who were rightly punished. Show me a single institution on the globe where a few bad apples would not be exposed upon close pro-longed inspection. Launch an extensive two-year investigation into any institution that you choose and let me know what you come up with.

Here are some excerpts from the article, which show that NYSE itself is a fundamentally corrupt institution, instead of just an ordinary organization with the inevitable few bad apples. Notice that the U.S. government says that the investigation is ongoing, further actions are anticipated against exchange regulators who provided cover for the crime, and this matter is far from concluded. Hamlet tries to minimize the matter, by writing as though only a few isolated people were caught and punished, and that the affair is over; but the truth is that this scandal is only the latest in a long series of NYSE corruption scandals, and it is not over yet, and it implicates not just a few bad apples, but the entire institutional structure, in a conspiracy to steal from the public.

http://www.washingtonpost.com/wp-dy...-2005Apr12.html

***

The exchange also faces disciplinary action for failing to adequately police its sprawling floor, where 1,366 traders handle an average of 1.6 billion shares a day.

The indictments are the result of a two-year investigation into one of the widest-ranging manipulations ever of trading at the exchange, known as the Big Board, and they follow a series of ethical breaches in recent years that have tarnished the exchange's image as the most transparent and fair market in the world.

***

The SEC settled civil charges against the NYSE for failing to police and discipline the errant specialists.

***

The SEC criticized the exchange's monitoring system, saying it was set up to uncover "only the most egregious instances of trading violations."

***

"It's highly unusual and somewhat shocking to see criminal activity on the floor of the New York Stock Exchange," said Jacob H. Zamansky, a securities lawyer who represents individuals suing Wall Street firms. "It also highlights that the NYSE seems incapable of supervising [traders]. It's a big setback for investor confidence."

U.S. Attorney Kelley pointed out that 14 of the people indicted yesterday at some point served as supervisors or managers at their respective firms -- Fleet Specialist Inc., now Banc of America Specialist Inc.; Bear Wagner Specialists LLC; LaBranche & Co.; Spear, Leeds & Kellogg Specialists LLC; and Van der Moolen Specialists USA.

***

"What prosecutors are recognizing is that across the financial field, the one weapon that seems to work, frightening as it is, is the criminal sanction," Coffee said.

The NYSE previously settled civil charges related to inadequate policing of independent floor brokers in 1999.

***

The investigation by federal prosecutors continues, according to spokeswoman Megan L. Gaffney.

Securities regulators also continue to probe the actions of individuals "who may have fallen down on the job and contributed to the failure that resulted in the case we bring today," SEC enforcement chief Stephen M. Cutler said.

Hamlet's summary of this article was grossly inaccurate. Perhaps the dispute over what this article actually said will distract readers from the fact that Hamlet was previously caught posting under multiple aliases in another thread about NYSE specialists.

 

[Hamlet]

Quote from RedManPlus:



There is only one basis on which to support the Specialist:

I profit because of the corrupt system.
(And that is nothing to be proud of).

rm+

This is completely innacurate.

I doubt a single person here profits because of any corruptness, real or imagined. What do you mean by this? There appears to be no logic in it.

 

[Hamlet]

Quote from jimrockford:




Hamlet's summary of this article was grossly inaccurate. Perhaps the dispute over what this article actually said will distract readers from the fact that Hamlet was previously caught posting under multiple aliases in another thread about NYSE specialists.

My summary is an accurate intrepretation of your article, which can be seen by anyone who can read. The article is an update on old news. The NYSE has settled. They admitted no wrong doing.
They made the appropraite remedies. Case closed.

You post no meat, only innuendos again!

Stand down.

You bring up again what I have already explained as a single post there on an old laptop. Do not distract from the subject of this thread with this off-topic nonsense. Please keep this thread On topic.

 

[jimrockford]

Quote from Hamlet:

Very good Mr. Nader. I do have one other alias that was intitiated long ago on a laptop, from which I post perhaps 3-5 times a year. However, I have not voted even once in this poll at all. What is your point?

Well, OK, Hamlet, since you ask, I will oblige you and answer your question. my point is that your extensive and deceptive use of multiple aliases, which you kept secret until I caught you doing it, casts doubt upon your honesty. Your questionable honesty taints the poll. We have no way to know how many aliases you have on EliteTrader, and no way to know how many times you voted in the poll you constructed. Capiche?

Let me give you an example of apparent dishonesty. You stated that you post from your other alias "perhaps 3-5 times a year." I have, using the EliteTrader search function, counted that you posted from your alias called "size" a total of 23 times over the past year, plus another 49 times in the year prior to that year, plus another 25 times in the year prior to that year. It seems your numbers were only off by one or two or 50 posts per year (ha-ha). We have no way to know how extensively you used any other aliases while concealing them the same way you hid your use of the "size" alias.

Let's also not forget that in the other NYSE thread, where I caught you using multiple aliases, you were using them to post personal attacks and to disrupt what would otherwise have been a great thread. Such behaviour is a violation of EliteTrader Terms of Service, either with or without multiple aliases; and using multiple aliases is also a violation. So we have definitely seen the downside to your using multiple aliases. I would like to see the upside. I would like to know why you are using multiple aliases. I think that the use of multiple aliases helps expose EliteTrader readers to misleading information and that it undermines the integrity of EliteTrader. What does your use of multiple aliases add to EliteTrader?

I think you still owe us an explanation as to why you are using multiple aliases.