Article: Bankruptcy Judge Orders Wade Cook Into Liquidation

Discussion in 'Educational Resources' started by gwb-trading, Jan 27, 2003.

  1. Don't get rid of your Cook books now! In a few years they'll be selling here and on eBay for thousands!

    Just like the Crabels book and the PTJ video!! :D

    #11     Jan 28, 2003
  2. someone posts that wade cook is a genius if he makes off with the money... even while being widely know a a scumbag. He did things like this to othes who trusted him:

    "alleging employees hadn't been paid back wages and that their health insurance was canceled after the company collected and pocketed premiums."

    Then this guy compares cooks' fraud with trading in the financial markets... where a person takes risk and must control their own destiny and be skillful in order to profit. Just the kind of guy you want for a trusted friend or family member... someone who would sell you out for enough euro or dollars!

    But of course... we ARE on a "trader" website". So that must mean to some that you cannot have ethics, morals or perspective when it comes to money! Give me a break. :eek:
    #12     Jan 28, 2003
  3. Did Wade force anyone to come to his seminars?

    Did Wade force anyone to buy his products?

    He threw out a line to see what he could catch and reeled in some suckers. Nothing wrong with that in my book. If the suckers were so stupid to attend or buy, that's their problem.

    Just like these guys selling $100 trading books and $400 CD- Roms. They throw out a line and see if it catches any suckers. Same thing, same principle. If I had my way they would be in cuffs, but that's not how the system works.

    Did Wade ever force anyone to work for him? If they were getting poor treatment they could always quit. Free county. Bye- bye.

    Just a thought,

    #13     Jan 28, 2003
  4. That's a good one, a classic. When MarchFirst crashed, they did that. Alot of people found out they were now responsible for the claims the company didn't pay. You have to be careful with companies nearing bankruptcy. You may not have health insurance but they'll keep deducting insurance premiums and won't tell you that you don't have insurance.
    #14     Jan 28, 2003
  5. CalTrader

    CalTrader Guest

    A know a few people who indeed got screwed in the Marchfirst sans USWeb debacle. I thought the whole endeavor was suspect and steered clear of them and others like them in the business. It ended up being a smart as well as profitable move.

    When things sound too good to be true they often are ....
    #15     Jan 28, 2003
  6. I'm just wondering what it takes to warrant a criminal prosecution in the financial services market? Cook and plenty of other vendors have admitted they sold expensive seminars on the basis of fraulent claims that they personally traded their methods successfully. How much more corrupt can you get?

    Investment bankers tout toxic waste IPO's, CEO's pump and dump their own stock while presiding over massive accounting frauds and the SEC goes after some 17 year old kid. Spitzer holds up the industry for some payoff's but nobody gets fired or prosecuted. I bet Mike Milken and the Drexel crew must be thinking they were 12 years too early. Ditto Charles Keating. He seems embarrassingly small time compared to the likes of Lay, Skilling and Ebbers.
    #16     Jan 28, 2003
  7. Reading your replies triple, how narrowminded can you be???

    Trading is not about screwing the other guy. Think about what your trading, stocks/bonds/commodities, they all exist because they have an underlying value to them. If you think the value of the product is going to increase in value then you buy..if not then you sell. No one is going to give you money for must have something of value, either a product or your mind/time. Thats not life, its just capitalism.

    What broker do you use??? What Bank do you put your money into?? What insurance do you use for your car (or house)??? What Bank do you have your loan thru if you have a mortgage???
    Own any stocks, bonds,401k,IRA's?????

    Wade Cook is just a small sample of what happens in a Bankruptcy, then forced into liquidation. Now I DONT subscribe to Wade Cooks works, but what your saying is that if you start or own a business, then its alright to rip-off whoever you can and reap the rewards of people TRUSTING you! You BETTER get your head straight in a hurry!!! What happens when YOUR bank, the stocks/bonds or 401k of a company, or your mortgage company, insurance company or brokerage firm goes into bankruptcy??? Chances are your going to LOSE!!! Will you be singing the same praises when its YOU that got robbed??? Will you be looking at the CEO/CFO of the company and say to them...I admire you for taking my money!!!

    Would YOU be able to sleep at night if someone with your morals was working for a bank you had YOUR money in???

    And DONT think it cant happen to you....Those are the same morals that happened at a small company called ENRON!
    #17     Jan 28, 2003
  8. no offense but glad you're not in my family, or a friend...

    sounds like you would sell someone out for enough dough. Wonder how old you are, and what makes you compare fraud and criminal rip-offs (even if the victims are stupid) to trading. So I would suppose you think a woman wearing a short skirt deserves to be a victim of a sex crime?! Like, it's her fault according to your warped logic?! Give me a frickin break :confused:

    And then you defend yourself and your view a second time? As if there is any ethical support for your position other than amongst those with little or no perspective on the larger picture in life.

    Hey ... if money is YOUR God don't assume all others think the same, bro... just because they trade for a living.
    #18     Jan 28, 2003
  9. Couldn't have happened to a nicer person..... LOL!!
    #19     Jan 28, 2003
  10. Smurf, thanks for the suggestion but I don't own any Wade Cook books. :D :D :D

    #20     Jan 28, 2003