Ney's books "The Wall Street Jungle" (1970) and "The Wall Street Gang" (1974) are ones I have read and re-read over the years. As reviewer Michael Templain states, some of the advice is not relevant today or even some that he or I would give.

But " and I can hear the moans from Wall Street from my current perch alongside Lake Ontario ("Oh no, not Ney again!") " I happen to believe that Richard Ney was just getting at the thin edge of the wedge. Everybody needs to be enlightened with respect to issues covered in this paper that you can download here.

Apparently Michael Templain died, at a young age (54), in December 2005. I didn't know him, or of him, but he did provide a good service by bringing us a review of Richard Ney. Ney himself passed away in July 2004 at the age of 87.

I personally feel that the NYSE specialists that Ney writes about do provide a valuable service in terms of reacting to markets and adding liquidity that helps make markets more fair. But I agree with Ney that on balance the system is corrupt because too often these specialists act proactively, and that happens to be manipulation and is a fraud upon the rest of us.

There have been numerous scandals, which serves to illustrate that the system is broke. That was the message Ney gave us.