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DrStool

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Jimi is correct.

 

HOWEVER:

 

If you have an online broker who does not provide you with printed statements, make SURE that you print them out every month.

 

Schwab keeps asking me to use electronic statements. They would save a fortune on mailing trade confirmations.

 

But I want the paper trail.

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Let me clear a few things up for skidmark and others:

Doc is correct. If the firm youare with becomes insolvent, I can assure you there will be a few in line wanting to pick up the pieces. You will get a letter in the mail saying that "we now have your account".....

 

On an additional note skidmark, frankly if you hold the certs for your account your ability to trade are being tied up by you, not the firm....and they aren't even insolvent yet.

Getting your assets out of an ira, in cert form or cash, is a distribution from now til next tuesday any way you cut it.

If you are that concerned, then you should send your acount to a firm that you think will be okay. I'm not sure, but I do not think Schwab is in the mortgage business, so you are probably already in the best safest spot.......on the other hand, E*TRADE is in the mortgage business....so......

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I find C's "emergency meeting" a bit disconcerting...they ain't meeting to say goodbye to Prince. Smells like frayed nerves that their D&O Insurance can't handle the potential heat from what is churning around in the upper sphincters of the C books.

 

...they have a turtle head popping out, let's see if they can hold it.

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I agree -- Schwab should be safer than a lot of them.

 

Fidelity though..... they worry me. Someone posted an article awhile back that said they have a lot of crap paper.

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Changed my Scottrade from Margin to Cash.

Scottrade checking also linked to Treasury Direct Account, other checking accounts also.

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No emergency board meeting is gonna save these guys:

 

Down 20% two days in a row

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A two for one split the hard way. :lol:

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Just got this note from my Congressman in response to my email?

 

Dear Mr. Adler:

 

Thank you for contacting my office regarding the Consumer Overdraft Protection Fair Practices Act (H.R. 946). I appreciate hearing from you on this issue.

 

As you may know, there has been a growing trend among banks to use ATMs and debit card point-of-sale machines to dispense credit by permitting consumers to overdraw their bank accounts without providing any notice, asking for consent or disclosing fees that are charged during the transaction. Extending these "loans" to consumers without adequate notice raises serious concerns about abusive lending practices. The Consumer Overdraft Protection Fair Practices Act would amend the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. In addition the bill amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection programs or services for consumers. As a member of the House Financial Services Committee, I look forward to examining this bill further and will certainly keep your comments in mind as debate continues.

 

Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida.

 

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? With warm regards,

 

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? Robert Wexler

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? Member of Congress

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Dear ____________

 

Thank you for contacting my office regarding ____________________.

 

As you may know <cut & paste paragraph from file here>.

 

Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida.

 

With warm regards,

 

Child of Somebody with Connections

House Intern

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:lol: :lol: :lol: :lol: :lol:

 

you da man Jimi!

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Foxie, good to see you posting. Where are you working now? :D

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right now sitting at my desk at home writing my diploma thesis. On a friday evening :( Gonna write till end of november, then make an internship at a broker in frankfurt as an equity sales trader, also will have a look into fx trading and asset management at the same firm. Then have to write controlling and international accounting exams (could someone just take a fork and stab it into US-GAAP? :angry: ), after that im finished with university and will work somewhere in frankfurt, either a a trader (which i would like to do most) or something else in that financial field. Maybe at a rating agency or so, i just would give them all AAA, pfff, who cares, you know working at fitch or so: You go there every morning, drink your coffee, smoke your ciggi (very important! :lol: ) then you read a bit and every firm you have to do a rating you just a give a tripple A, then you tell them that they should go and wingohockingmoyamensing themselves. At 5 pm you leave the office. Nice job! But i prefer to be a trader.

 

Does anyone know how the wages are currently for equity traders? :unsure:

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Are you going to be a Doctor of Philosophy when you finish your thesis? :D

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So, who's doing something exciting this weekend?

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Me, I'm taking Bung's advice.

 

620111x.jpg

 

 

Gloom, despair, and agony on me

Deep, dark depression, excessive misery

If it weren't for bad luck, I'd have no luck at all

Gloom, despair, and agony on me

 

post-2253-1194062195.jpg

 

Not that I'm complaining, you understand, since I had the best two days of the year thursday and friday. :lol: :lol: :lol: Just a little moronic celebaration. :D

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I agree -- Schwab should be safer than a lot of them.

 

Fidelity though..... they worry me. Someone posted an article awhile back that said they have a lot of crap paper.

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Does it make any difference whether an account is an IRA, cash or margin? :unsure:

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Damn. I miss LeeWhee's essays, especially on weekends when he wrapped things up and updated past themes. Guess when the Chicoms allowed trading by mainland chinese in the Hong Kong market. I'm thinking it's time to rake off the profits from the Pai Gow players about in here. :D But there could be one more blast up to 32, 800 or so.

post-2253-1194063392_thumb.jpg

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Hypothetically, if Citi (or UBS or MER or HSBC etc...) were to go out of business, what would happen to the clients and their assets who have use them as brokerage houses, trading, banking services?

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the brokerage could hypothecate your assets at any time if the firms falls into negative net equity....I have been a broker for 15 years and this is not a good situation...

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THE NEW DEAL PIPELINE

 

Now that the mortgage deal pipe line and the private equity pipeline have dried up it has been replaced by a new deal pipe line that is just booming.

 

Its called the "Hidden Losses" pipeline

 

This business is booming

 

Led by Citi Corpse, a host of fall street firms are recording record losses from this new booming business line.

 

Financial innovation at its best.

 

Perhaps someone should invest in "Hidden Losses" futures????????

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I'm going to offer my counterargument to stock-certificate acquisition. I may be missing the point of the proposal, and if so, I hope clarifications will be offered. And I do so as a fellow gold-kook, though one of more moderate persuasions, I guess.

 

If you are sufficiently gold-kooky that you fear individually-owned securities held with major brokerage houses will prove inaccessible and untradable for months & years, then it seems the best method is to hold bullion only.? 

 

I'll state that I, too, have been and remain bullish on gold.? And it wouldn't surprise me to see some *cough* "consolidation" in the financial services sector.

 

But I don't believe the whole equity-trading system is going to go belly-up for an extended duration.? There will be winners & there will be losers, IMO.? The winners will acquire the losers, with either tacit or explicit support from the USG.

 

Those winners will retain a strong interest in seeing that the routine capital market mechanisms (e.g., custodial arrangements, basic account access, ability to trade securities) is maintained, or at worst, reestablished pronto.

 

It is pretty much infathomable to me that were Schwab to go el-busto tomorrow, that all its clients would find their accounts frozen and their assets inaccessable for months or years.

 

Consider the letter Doc got today from Congressman Wexler (who I needlessly derided) about excessive bank charges.

 

I'm tellin' you that if Schwab goes down, U.S. Congressional Representatives will be descended upon by constituents in a manner of great national & electoral urgency, and there will arise from DC a great scurrying to make sure that access is maintained/reestablished.? And those Reps fearing the pitchforked masses of Main Street will possess allies on Wall Street.

 

Seriously: what good are certificates going to be if a potential buyer has to sit there on them, and otherwise has no where to deposit them his or herself, because the entire brokerage system is seized up? What do you expect to get for them under those circumstances? If the nation's brokerage assets are effectively shut down, where do you think a future buyer will produce the cash (?) to purchase them from you?

 

Under what I understand of your scenario, I would expect a substantial discount for any actual transaction that sees you placing those shares in your possession with another party, because: 1) Who even knows these days what an actual stock certificate looks like, and 2) In the event of a capital market collapse sufficient lock up these assets, where would a "market price" be found, 3) Where is the cash coming from, and 4) If those pieces of paper catch on fire, there is no claim on ownership, and therefore, any individual's ownership of them should be appropriately discounted for the physical hazard to which they are exposed outside the current digitized system.

 

This is why I went off all half-cocked on that POS Babbler Sinclair: he advocates a real tax event today in anticipation of an improbable worst-case scenario tomorrow that leaves one with certificates that I don't believe one will find easy to transact anyway, but is entirely exposed to physical destruction.

 

If you truly assign a high probability to the worst-case scenario, then one's portfolio only has room for: weapons, bullion, land, fresh water, seed, and self-sufficiency.

 

Scraps of paper suggesting one's partial ownership of some "publicly-traded" (whatever the hell that would have come to mean) company would be of no meaningful value.

 

Just one gold-kook to another.....

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Jimi, don't forget handtools. :D I am a partial gold kook, but I think the Congress people will insure that the system is kept running in some guise or another.

I was a customer at Refco when it went bust and nothing changed far as I could tell.

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I agree -- Schwab should be safer than a lot of them.

 

Fidelity though..... they worry me. Someone posted an article awhile back that said they have a lot of crap paper.

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I have accounts at both Fido and Schwab. At Schwab, I use the Treasury only fund. At Fido they make it very difficult to use the Treasury MMF if you trade, so I keep core assets that I don't trade such as COSWF and minimum cash, although I think they would be out of business if their MMf funds ever busted the buck. <_<

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