U.S. Investors Face An Age of Murky Pricing
THE WALL STREET JOURNAL - PAGE ONE - October 12, 2007
By Susan Pulliam, Randall Smith and Michael Siconolfi

"Even selling a portion of a position can be gamed by getting four or five investors [or even just one] involved to buy each others' positions" at beneficial prices, says Janet Tavakoli, a former trader and now a consultant. Since the recent market turmoil, some traders seem to be trying to set prices simply by offering them for sale, according to some investors who say they've talked to traders. The position is then marked at the "offer" price, these investors say. That's akin to a homeowner valuing a house based on how much he wants for it -- not how much a buyer is willing to pay.

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