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Hello jdfo,
In circa 1974 Richard Ney wrote Wall Street Jungle and Wall Street
Gang describing the retail business in stocks and how news is managed
in order to allow the house and large customers to manage inventory in
such a way that the little schmucks got it in the keester.
Obviously nothing has change. There really is a "they" out there.
Best regards,
Jim Johnson mailto:jejohn@xxxxxxxxxxx
--
Friday, September 13, 2002, 7:06:47 PM, you wrote:
j> I worked for a major wire house (retail brokerage) firm. This firm had a
j> major position in Lionel (remember that company?). We, brokers, we told
j> that we could not sell or short any company that the firm came out with a
j> "Buy" recommendation on. for a period of time (two weeks I think). Lionel
j> was about to report their quarterly earnings and they were off about 40%
j> from what the Street had forecasted. Guess who came out with a "Buy"
j> recommendation the morning the earning report was due. We, as brokers,
j> throughout the U.S. were locked in and could not respond to the bad news.
j> Likewise, all our clients were unable to sell. The firm was protecting its
j> huge position at the expense of the clients. I sold my clients' positions
j> anyway and was eventually fired with the words "You'll never get another job
j> in this city in the brokerage business." This was at a time when these type
j> of statements could be made by management. I'm still amazed that the order
j> desk executed my sell orders. But I am not amazed at the behavior of this
j> well respected, old line firm. This type of activity is rampant in the
j> brokerage business and has been for years!
j> JohnO
j> ----- Original Message -----
j> From: "chrischeatham" <nchrisc@xxxxxxxxxx>
j> To: <realtraders@xxxxxxxxxxxxxxx>
j> Sent: Friday, September 13, 2002 6:10 PM
j> Subject: [RT] Re: How do I get a job as an analyst?????
>> In the mid 90s, I was recruited by an investment banking firm as a
>> REIT analyst. I was in the real estate investment business at the
>> time. They didn't care one bit what I thought about the markets or my
>> track record in the markets. They asked question after question about
>> who I knew and what underwriting business I could deliver to
>> investment banking. I might as well have been interviewing for
>> banking. After 4-5 rounds we stopped talking. Am I surprised about
>> all the recent "revelations"? Not in the least. Just my two cents.
>> Chris
>>
>>
>>
>> --- In realtraders@xxxx, "Sean Cassidy" <scassidy@xxxx> wrote:
>> > It seems like ...if I make a mistake in my account, I lose money.
>> But i just found out about a job where you can be wrong and still
>> make a 6 or 7 figure income. How do I get a job where I will get paid
>> $3,000,000 annually to tell people to buy WCOM starting at
>> $60......all the way down to $0. It seems so much easier.
>> >
>> > Sean
>>
>>
>>
>> To unsubscribe from this group, send an email to:
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>>
>>
>>
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>>
>>
j> To unsubscribe from this group, send an email to:
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