April 16, 2007
I vociferously object to the merger of the NASD and the NYSE. It has been bad enough for years because the NASD has been ran by entrenched, bureaucratic employee group who labor under an elitist mentality. They have been running our member organization for their own benefit, not for the benefit of the members and owners. It will be even worse once you merge them with another elitist organization, the NYSE. As a matter of fact, I think we, the Small Broker Dealers, would be much better off forming yet another organization designed for Small Broker Dealers. The 4000 small broker dealers have very little in common with the "1000" larger members, especially the few members of the NYSE. I OBJECT I OBJECT I OBJECT The SEC has been an instigator if not an enabler of the unfair hostile takeover of our member organization. This is the same thing that happened when the NASDAQ was sold off, against many of our wishes. We owned that organization, we were not paid for it, and we were told that we would have the opportunity to buy into something they had built with our money to begin with. This is another glaring example of such unfair practices and I continue to object to our elected representatives and think that the whole regulatory environment from the SEC,NASD, NYSE, etc. should be dismantled and reorganized. Further, I think this merger goes against an act of Congress which formed the NASD. That is NOT RIGHT