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maintenance, disposition and application of its monies,
securities or commodities"; (2) "To open, maintain, conduct and
close accounts in the Client's name with any broker, dealer or
investment concern, to issue orders and directions to such
broker, dealer or investment concern for its account with respect
to the disposition and application of its monies, securities or
commodities from time to time held by such broker, dealer or
investment concern"; (3) "For the foregoing purpose to endorse
for deposit and collection all checks, certificates of deposit,
promissory notes, drafts, bills or exchange or other orders or
instruments for the payment of money payable to its order"; and
(4) "To pay bills and fees of third parties on behalf of the
Client for goods or services which the Client has received or
authorized."
By signing the discretionary authorization, each client
authorized LTD to "manage the investment of the cash, securities
and other property of the Client as the Manager may hold from
time to time." Each client agreed that LTD,
in its sole discretion, shall invest the Assets in time
deposits, money market funds or interest bearing
investments or buy, sell (including short sales) and
trade commodities, commodity options, stocks, bonds,
options (including uncovered short positions in option
contracts or in the uncovering of any existing short
position in option contracts and any other securities
and/or contracts relating to the same on margin or
otherwise.
The discretionary authorization set forth LTD's compensation
system. The discretionary authorization stated: "The Client
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