I suspect that what they meant was that a good deal of their own income depended on Christmas bonuses, which in turn depend upon how much profit they produce for their employer.
Of course, all this nonsense is a zero-sum game. Les wrote: i talked to some others in financial securities in NYC. one told me the primary use of options pricing in financial circles was to figure out the best way to deliver Christmas bonuses to employees. don't know how true that is. others told me it was useful for brokers in order to cherry pick buyers and sellers for a particular option. i can't remember if this was to maximize sales commission, or something else. Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901 www.michaelperelman.wordpress.com -----Original Message----- Les
