Author:  "JOHN Samsa" 
Date:    09/18/2000  8:33 AM

Subject: Is This True

The following statement was sent to me!  I'm asking if this is happening and if 
so how in the world can you live with yourself!!!!  
     
As those of you who follow Internet trading and investing carefully may be 
aware, I have raised a number of grave issues concerning trading and investing 
in this country, and I have been working for the past several months on this 
with a well-known journalist. That story will be published in the next few 
weeks. I would like to alert you to an outrageous scheme the establishment is 
quietly attempting to force onto our markets. Nasdaq is attempting to relegate 
all ECN's to oblivion. This is their Hail Mary attempt to once-and-for-all 
completely obliterate fair and honest trading and investing in this country. 
     
How typical that Wall Street has kept this quiet, their attempt yet again to 
wipe out trading and fair-pricing, to force the markets back into the Dark Ages 
where they formed a cartel over investment in our economy. They are nothing more
than thieves in every sense of the term. Because they are clever, they get away 
with it. I say to all of you: we cannot permit the establishment to steal from 
traders and investors yet again. 
     
The proposals are to list MMs' bids and asks on the top of Level II quote 
listings, REGARDLESS OF OTHER BIDS AND OFFERS WHICH ARE BETTER IN PRICE, and to 
include in price quotes of ECN's such as INCA, ARCA, ISLD and SOES the 
transaction costs, though order flow cuts of the investment banks are NOT 
INCLUDED IN THE BID AND ASK LISTINGS OF THE MARKET MAKERS. This means that INCA,
ARCA, ISLD and SOES and all the other ECN's - the only refuge of fair and honest
trading and investing in our markets - will appear on the bottom of Level II, 
where they can be ignored. This is completely outrageous! I implore each and 
every one of you to write the SEC and Congress about this outlandish scheme to 
defraud the public. The SEC is voting on approval of it right now. How typical 
that CNBC has not reported on this. I ask all of you, are we to allow this 
country to continue to reward those who steal from the public? How fitting that 
this would come out right before the day trading scandals I have outlined. 
     
I will write you on these issues again very soon. I will shortly be founding and
presiding over an organization which will represent day traders in this country.
It is time we were united. My internet trading site, Stock Operators. will be 
its first sponsor. We would welcome others. I for one intend to do everything in
my power to see that these racketeers are not permitted to continue in this 
fashion. I hope many of you will join me. 
     
Please refer to an article written by Gretchen Morgenson, which can be found in 
the business section of yesterday's New York Times. It describes the entire 
sordid tale. 
     
Sincerely, 
     
Please Respond to John@Samsainc.com