you should be happy if E-trade doesn't charge you a hair cut for all of their money you used....unreal
And that was exactly what I meant. The only thing we can do is ensure that we have more personal integrity than the majority of idiots who are in charge.
======= mvic; May want to certify a letter; which may not make a difference with all the E-garbage we are reading lately.
u sound like people suing the tobacco industry cause they didnt know cigerettes were bad for them grow up...be a man..be responsible for ur own actions and don t post stupid stuff like that on ET anymore
it's really not my problem if they can't get thier margin requirements str8. IF the nasd changed the margin rules, they are s'pose to apply that to thier accountholders. the fee for compliance is tied in with the commission on each trade. I'm an economist not a lawyer, so I don't have time to be doing the research to make sure my broker is in compliance. Don't you guys see my argument? you wake up one morning and an extra $7K is parked in your account. this is america people, I don't believe there is a soul in here that would not take capitalize on that. and when your bank realizes that they f'd up, you want to tell me that i am LIABLE - for thier mistake. thats rubbish. its not about taking responsibility, its about holding big-business accountable. who is to say that my account is not being used to launder cash. --if it is, i want my cut. yeah, thats right!! welcome to america. common people. surely, you see my point.
You are not liable for their mistake, you are liable for the losses you incurred - their mistake did not cause your losses, your (bad) trading did. Also if you think that a bank error leading to extra money showing up in your account isnt something that they can and will reverse (or go after you if you took the money out) once they figure it out then you are sorely mistaken. I believe the legal term is unjust enrichment, feel free to look it up. You may not be a laywer but I strongly suggest you read the brokerage agreement you signed when you opened the account. I suspect it will be a real eye-opener since you seem very naive about your responsibilities.
kizzy, Let me tell you something. If your bank misapplies a deposit to your account and you find one million, guess what? You better not spend a penny of it...Welcome to America and wake up and smell the roses. Michael B.