B727 PIC INITIATES SPD REDUCTION TO FOLLOW ANOTHER B727 TURNED IN FRONT OF HIM WHILE D01 CTLR ATTEMPTS TO RESOLVE THE SIT.

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WE WERE BEING VECTORED FOR THE RWY 35L LOC FOR A VISUAL APCH TO RWY 35L AT DEN. ATC GAVE US A SPD OF 180 KTS AND SAID THAT WE HAD TFC AT OUR 10 O'CLOCK POS TURNING IN FOR RWY 35L. I SAID I WAS LOOKING FOR THE TFC BUT HAD THE RWY. THE CTLR TURNED THE OTHER B727 IN FRONT OF US. I STARTED SLOWING TO 160 KTS BECAUSE HE WAS ONLY 3 MI (ON TCASII) IN FRONT OF US. I DIDN'T CALL THE TFC (EVEN THOUGH I SAW HIM) BECAUSE ATC WAS TRYING TO 'STUFF' US TOGETHER WITH LESS THAN THE REQUIRED SEPARATION; AND THEN PUT THE ONUS ON ME TO 'MAINTAIN VISUAL SEPARATION' WITH NOWHERE TO GO. WHEN THE OTHER B727 WAS IN FRONT OF US ON THE APCH; ATC ASKED US WHAT OUR SPD WAS. WE SAID '160 KTS.' ATC SAID 'YOU ARE SUPPOSED TO BE AT 180 KTS. CANCEL APCH CLRNC AND DSND TO 8000 FT ON YOUR PRESENT HDG.' THEN ATC CHANGED HIS MIND AND RECLRED US FOR THE VISUAL APCH TO MAINTAIN 180 KTS TO THE MARKER. IT APPEARED THAT THE CTLR WAS TRYING TO STICK ME UP THE OTHER B727'S TAILPIPE AND PROBABLY RUN THE ACFT BEHIND ME UP MY BUTT. I ACTUALLY SAVED HIS ASS BY SLOWING DOWN. IT SEEMED LIKE HE WAS INTENDING TO 'PUNISH' ME FOR SCREWING UP HIS SPACING; BUT I DIDN'T INTEND TO CALL THE TFC; BECAUSE THE CTLR HAD ALREADY BUSTED THE SEPARATION.