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high99
Registered: Jun 2002
Posts: 252 |
05-04-12 02:30 PM
Quote from zboy2854A:
Penson now trading at 0.48. There is talk that it's taking a long time for customers to get cash withdrawals out, just like MFG before they went under. Don't know if they are indeed the next to go under, but I sure as hell wouldn't want to have an account with them right now. 
That "talk" is coming from that weirdo Ann Barnhardt, you know, the one who closed down her cow brokerage when MF went under. Leaving all her customers holding their dicks in their hands. She is hearing "chatter". I'm with MB Trading/Penson, and I have no problems getting money out using ACH. Don't believe everything you hear on the internet. Hey, I could be lying to you.
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zboy2854A
Registered: Aug 1999
Posts: 690 |
05-04-12 02:32 PM
Quote from rmorse:
We are not seeing any issues with money moving in and out. They still have over $100M in excess capital.
Bob
And if you were seeing issues, would you reveal that publicly on this internet forum? Not accusing you of dissembling, but in this modern age where we saw the exact same type of denials and happy talk coming out of firms like Lehman, Bear, MFG just before they imploded, you'll understand if I don't take public corporate statements at face value anymore.
Also, what happens if and when PNSN approaches 0?
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zboy2854A
Registered: Aug 1999
Posts: 690 |
05-04-12 02:34 PM
Quote from high99:
That "talk" is coming from that weirdo Ann Barnhardt, you know, the one who closed down her cow brokerage when MF went under. Leaving all her customers holding their dicks in their hands. She is hearing "chatter". I'm with MB Trading/Penson, and I have no problems getting money out using ACH. Don't believe everything you hear on the internet. Hey, I could be lying to you.
Perhaps, but PNSN's cratering stock price is not conjecture.
And while one cannot believe everything they hear on the internet, they equally cannot believe everything (or anything) they hear as public corporate statements anymore either. Fact is, these days most often the canaries in the coalmine are the little guys blogging on the internet, or the voices in the wilderness.
In any case, I hope there is indeed nothing to this, for your sake.
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high99
Registered: Jun 2002
Posts: 252 |
05-04-12 02:56 PM
I'm not 100% stupid. I simply keep the bare minimum I need to trade a couple of contracts. I have spoken with MBT about this as well. I just am not in the mood to change brokers at this time. I may be playing with fire. We shall see.
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rmorse
Registered: Apr 2011
Posts: 1056 |
05-04-12 03:27 PM
Quote from zboy2854A:
And if you were seeing issues, would you reveal that publicly on this internet forum? Not accusing you of dissembling, but in this modern age where we saw the exact same type of denials and happy talk coming out of firms like Lehman, Bear, MFG just before they imploded, you'll understand if I don't take public corporate statements at face value anymore.
Also, what happens if and when PNSN approaches 0?
I would either tell what I know, give my opinion or say nothing. Penson has one current issue revolving around a debt to equity swap. When that is complete, their balance sheet will be clean. The excess debt and monthly interst charges were a drag on earnings. The conversion of the debt to equity is a weight on the stock because of dilution. If the swap does not go through, they will have other issues to contend with.
The other firms you listed all went bankrupt from excessive risk from trading. Penson does NOT have a prop desk. My hope this that this will be resolved soon for their clients. With reguard to the stock price, I'm not a buyer. Is that honest enough for you?
Bob
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tiddlywinks
Registered: Mar 2007
Posts: 230 |
05-04-12 06:19 PM
http://barnhardt.biz/
MF Global 2.0 May Be Unfolding Now
Posted by Ann Barnhardt - May 2, AD 2012 11:41 PM MST
If you are foolish enough to still be in the markets and you are doing business with anyone who clears through Penson Worldwide, you need to get out of there.
The stock symbol is PNSN. Just google that and look at the chart. $31.50 high, now trading at $0.49, making new lows daily.
In case you didn't know, I was clearing through Penson when I closed my firm last November. I was blessed in that all of my back office stuff was handled by a lovely little boutique office in Wisconsin that handled IBs like me, that had just been acquired by Penson before I came on board. I never spoke to Chicago or New York, just a merry band of Wisconsinites who were always wonderful to work with. I was truly blessed in that. (The cattle and feeder futures paper that I did in the pit, as opposed to the electronic, which was less and less over the years as the electronic markets grew and grew, was actually all done as give-ups by the FC Stone meat desk. Shout out to Larry and the Stooges, who still call to chat every so often, and have a photo of me with my pink AR-15 hanging in their desk. Good people.) But, the Penson ship is going down, it appears.
They were in trouble last year when MF Global happened and were looking to dump their European divisions, and they did bounce a bit after MF Global when they unloaded their Aussie holdings, but it looks like it is all but over for them. The stock is cratering, and there is chatter on the net that they are taking forever to get cash withdrawls out, posted and cleared. That's a very bad sign. MF global was the same way in the weeks before the end.
The extreme danger is that the CME is going to do with Penson what they did with MF Global and NOT backstop and keep customers liquid when the end comes. MF Global proved that the CME is no longer going to fulfill its fiduciary duty and will screw clients twelve ways from Sunday without hesitation. DO NOT get caught up in that crap. Just get out of the whole, stinking, festering, putrefied mess. Get out of the markets ENTIRELY.
Here is a six month chart on PNSN, which is basically the timeframe since MF Global. Once it broke back under $1.00 in March, it has been Katy-bar-the-door. Strong support at zero. Ugh.
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