From: ProfLipner 
Sent: Tuesday, September 23, 2003 5:10 PM

dear lords of arbitration:

as you know, piaba has been concerned about the composition of the public 
pool, specifically bank and insurance employees (and lawyers) in the public pool. 
with the consolidation of financial services firms, the potential for 
conflict and bad appearance abounds.

i was just given a panel by the nyse. both of the (2) public arbitrators 
currently represent banks - indeed, one is employed at Chase as an attorney, which 
is, as you know, affilated with large B-Ds. the other represents a 
publicly-traded S&L in, inter alia, "investment lending transactions." 

this is unseemly, and very difficult to explain to an investor who is 
expecting a fair arbitration and a majority of public arbitrators

I again urge the nasd, the nyse and sica to amend the arbitrator definition 
to get these people out of the public pool.

s