He said it goes to Bright. So this entire argument doesnt make any sense or is flawed. If the 20% goes to Bright, then wouldn't Bright simply pass it on to the traders? What is Goldman going to tell Bright, "no, you have to keep the money for yourselves! It's the only way we will do business with you!" There's got to be more to the story. Don needs to come on here and clarify.
Guys look, there is no controversy here. Don has already PMed me. I know what the deal is. The fact of the matter is, Don got away with this for years. Our firm never did 100% payouts specifically for this reason. We did it because under the eyes of the SEC it looks like your class b partners are customers and you can't have customers in a JBO. The 20% goes to Bright and no he can't give it back to you. What would be the point to that? GS has defined what a professional relationship is in their JBO and it's 80/20. They could have said 50/50. No one has to be a member of their JBO. They are not holding a gun to Don's head. But just to clarify, Don did send me a PM about this a week or so ago when I brought it to his attention. He confirmed it. End of story.
I hope Goldman set the rule that no JBO Member, can payout "less than 80%", ...and haha lol there right
And btw, I don't think Don is purposely avoiding this issue or this thread. He is (or was) on a cruise in Scandinavia. I'm sure his inbox is getting flooded though as I write this. Sorry Don.
Well this sucks. Whats next? Saying regular retail guys (PDT traders) can only keep 80% of their profits? -Guru
So what is the purpose of joining a prop firm? I get 100% Payouts with etrade pro minus the little commission which is nothing really. Vs giving some firm 20% of my earnings. I see no purpose for joining a prop firm.