Discussion in 'Wall St. News' started by ajacobson, Mar 18, 2012.
Lightspeed CEO sent out a memo to all customers assuring them of Penson's financial viability......probably something really bad going to happen?
It's a badly managed company.
I don't see why someone would not buyout it's business. They sell a commodity business and is essential to all the broker/dealers.
A lot major retail brokers use penson for their cleaing. There is only about only few retail clearing firms less than five. That is how small this business is.
Usually when you see financial press coverage like this, the company blows up by the end of the week.
I don't see any reason to stick around and find out. I had some money at a broker who clears through them and took it out last fall when the writing was on the wall.
Then you see they had a major cluster with getting their 1099s out in a timely fashion, and probably full of errors.
When it comes to these sorts of things I suggest shoot first, ask questions later, since even if you are fully insured, it could take quite awhile to be made whole if it unwinds...
PNSNPenson Worldwide Inc. (NASDAQ)Delayed quote data
3/16/2012 04:00 PM
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although one thing is Penson's demise has been spoken of for some years now and it has not materialized....
Stock is .97 share enough said....
It is not a favorable situation. I would 100% be looking at new venues.
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