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" ... For most of the 20th century, these characters made their living off fixed commissions buying and selling stocks. A flurry of trading slips would be enough to extract 1% or 2% annually from an account. The unfixing of trading commissions in 1975 ended that game. The stockbrokers scarcely suffered, though. They just switched to selling financial products (like annuities) that paid sales commissions. ... "