If you were down at the Security Traders Association meeting in Washington, D.

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Traders will be watching to make sure a combined entity doesn't use its influence to drive up fees, said Joseph Cangemi, chairman of the Security Traders Association.

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"I view Mark as a friend, and I find today's news totally shocking, out of character and horrible, " said John Giesea, chief executive of the Security Traders Association, where Mark Madoff once served as a governor and president of the trade group's New York affiliate.

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