One manager, Michael Greenbaum, tried to teach option theory to market makers: "He'd stay late to give seminars and two people would show up, and it would be Joe Doherty [Sullivan's deputy, who became an options trader] and somebody else, and they were already fully sold disciples.... He's trying to bring in some new technology [option-pricing theory] and nobody would use it or pay for it." (Carusillo and Struve interview 1) However, a sudden surge in stock prices in April 1978 caused huge losses to market makers who had sold large numbers of insufficiently hedged calls, and some were forced out of the market: those who had sold the 280s lost their Mercedes, so to speak.

Donald MacKenzie, An Engine, Not a Camera, loc. 744