May 25, 2006

Richard Ney

Bill Cara linked to a google-cached article on Richard Ney's view of the NYSE specialist the other day. I first heard of Richard Ney through the Market Street newsletter. His books helped to me understand the corruption in the markets - "that the specialist exists not to ensure the free and orderly trade of stock in a particular company, but to fatten upon the innocence and ignorance of the small investor."
Besides being an investor, he was a movie and TV actor. From imdb.com:

When his first book, "The Wall Street Jungle", came out in 1970 it was on the New York Times best seller list for 11 months. Yet it met major resistance. Not only would the Times not review the book, but the Wall Street Journal went so far as to refuse to take an ad from a New York bookstore that featured the book.
There were only two people who weren't allowed to be guests on "The Tonight Show Starring Johnny Carson." One was Ralph Nader and the other was Richard.

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