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jazzsax
Registered: May 2006
Posts: 278 |
04-14-08 01:31 PM
Quote from ratboy88:
not to mention the exchanges will now be able to charge them all appx $400 to $600 a yr just for membership.
then you have testing fees... and continuing education fees. wake up people.. this is a shakedown. [/B]
Boo friggin hoo. it's called part of the dues you pay to be a part of the profession. Everyone who is licensed pays those fees, why should you be exempt?
I pay out the wazoo to be a certified accountant, but I can't complain, I make good money doing what I do. If the exchanges want to charge me more so that I can have other perks that others "Can't", then that's part of the game.
Deal with it, stop your bitching.
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NazSpaz
Registered: Mar 2008
Posts: 211 |
04-14-08 04:38 PM
Quote from ratboy88:
let's not forget that Don Bright admits they didn't need s7's till 1999 !!!!
the laws the SEC cite with Tuco are from 1934. anyone starting to smell something fishy here?
go read the laws the SEC uses to charge Tuco with.... they refer to "inducing the public to purchase securities through interstate means."
LMAOOOOOOOOOO... come on .. even idiots like monsterboy know this is a farce.
Bright is a REGISTERED broker/dealer, Tuco was not. It's really that simple.
There are laws in this country that if you want to handle/invest the public's money you have to tell the SEC you exist and open your books for random inspection to make sure you are not a ponzi or some other scheme.
Tuco did not register with the SEC but was buying and selling securities. Bright and the others like them register, and have their books examined twice a year by exchange auditors to make sure there is no funny business.
Do you seriously want your money with ANY firm that flaunts the rules by not registering, and could walk away with your funds at any minute because they feel like using them to retire on a beach? Or do you want your funds at a REGISTERED and highly scrutinized firm where you know the people running the firm have had in depth background checks (to join the exchange), are operating legally, have plenty of capital to handle the trading they are doing, and at random times during the year hardcore auditors keep making sure that remains so.
To me the extra $500 a year and piddly test BS are well worth the tons of security that provides. I pay waaay more each year just for insurance on my car and I feel that is nothing compared to the insurance a registered firm provides.
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NazSpaz
Registered: Mar 2008
Posts: 211 |
04-14-08 04:53 PM
Quote from ratboy88:
let's not forget that Don Bright admits they didn't need s7's till 1999 !!!!
the laws the SEC cite with Tuco are from 1934. anyone starting to smell something fishy here?
go read the laws the SEC uses to charge Tuco with.... they refer to "inducing the public to purchase securities through interstate means."
LMAOOOOOOOOOO... come on .. even idiots like monsterboy know this is a farce.
Not sure if you were around in '99, but I was, and I remember when they passed the Series 7 rule. At the time everyone and their mother started daytrading, I mean some serious losers, and thousands of people that had no clue of what they were doing were walking into firms that gave leverage (there were a ton of them back then) and smoking their whole savings/retirement in weeks.
Most firms were not doing any due diligence at all on the people they would let trade, and it was causing a major risk to stupid people's money. And as we know of the government, they always step in when stupid people lose money, such as all the subprime idiots buying mansions that our tax dollars are bailing out.
So they came in and said if you want leverage on your money, take this test: A - to prove you are not completely an idiot, and B - so you have to work for it a little to get 'professional' trader leverage. Prove that you are worthy of it and will jump a hoop to get it.
I am really glad they did it, the quality of the professional trader went way up after that and I think it did keep a lot of idiots out of the game that should never get in the game in the first place anyways.
Think back to '99, daytrading was all over the news, everyone was talking about it, quitting their jobs to try it, and most people getting smoked very quickly on it. And there were a lot of smaller/newer firms that were bankrupting and taking the account holders' funds with them. The Series 7 was the best fix they could come up with quickly to make trading somewhat exclusive again and I think it worked great.
I'll bet if Don chimes in on this he'll agree that it really only keeps out the riff-raff and the general quality of the traders now is higher since that rule was enacted.
It kills me how some people think having to take that test is the worst thing in the world, it's really quite an easy test if you read the book. And you learn some great things along the way.
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NazSpaz
Registered: Mar 2008
Posts: 211 |
04-14-08 04:57 PM
Quote from ratboy88:
LOL... took you long enough.
and section 10.... none of which have anything to do with the Tuco's business model. no one needed 7's till 1999... so what changed?
Meant to quote this one, read my above post about 1999.
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ratboy88
Registered: Dec 2003
Posts: 6163 |
04-14-08 05:02 PM
Quote from NazSpaz:
Bright is a REGISTERED broker/dealer, Tuco was not. It's really that simple.
you completely missed the point of this. why did they not enforce this rule in 1998? or 97? or 96? u get it now? did congress pass a new law in 1999? NO... so therefore by what authority do they have to force us to get a 7?
who decides these rules? who do they really represent? the 7 has nothing to do with trading.. it is a farce.. it is for brokers dealing with the public.
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ratboy88
Registered: Dec 2003
Posts: 6163 |
04-14-08 05:04 PM
Quote from NazSpaz:
Do you seriously want your money with ANY firm that flaunts the rules by not registering, and could walk away with your funds at any minute because they feel like using them to retire on a beach? Or do you want your funds at a REGISTERED and highly scrutinized firm where you know the people running the firm have had in depth background checks (to join the exchange), are operating legally, have plenty of capital to handle the trading they are doing, and at random times during the year hardcore auditors keep making sure that remains so.
do you know how many 7 firms have gone belly up? LMAOOOOOOOO the magical 7 will not protect your funds.
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