THE well-publicized clobbering that Wall Street's professionals have taken during this year's slump has hit nobody more than the men who make the markets on the stock exchange floors the specialists. Estimates of the losses absorbed by the 470 specialists on the New York and American stock exchanges run to tens of millions of dollars. That is not surprising, considering the seemingly thankless job that these insiders have. They are supposed to buy when most investors are selling, and sell when most are buying.
Now insult has been added to financial injury: the specialists are under widespread attack. The Securities and Exchange...
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