Let me start by saying that I am huge fan of Interactive Brokers. I have experience with both their brokerage business as a retail customer and their market-making business as a competing market-maker. There is a website that has come to my attention that which I am sure Interactive Brokers aware. I am hesitant to post the URL on this board because I do not want to promote the website. The premise of the website is to vigorously insult the owners and executives at Interactive Brokers on a personal level and to make claims that the stock IBKR is over priced. I am posting this message in hopes that someone at Interactive Brokers or someone in the law profession can explain to me why this site is not being forced to be taken down. For example: The website makes unsubstantiated personal claims about the sexual preferences of the owners and employees of Interactive Brokers. Surely this can not be legal?? I suppose the owners and executives could be "above" such immaturity, but personally, if these allegations were towards me, I would make sure the webmaster of this site is taken to court. Any thoughts into this matter would be appreciated.
Don't know the site, but in general, someone (or some company) who has been falsely defamed, or whose privacy has been violated, can certainly bring an action to recover damages and for equitable relief. Of course, nothing obligates a victim to exercise his/her/its right(s). The bar for shuting down a site prior to an injunction as part of a judgment is insurmountable (1st amendment: prior restraint prohibited except in cases of national security, e.g., posting troop deployment plans during a war). If the company has been harmed, there is also the possibility of a shareholder bringing a derivative action -- though practically speaking, as the company will receive any damages, shareholders are hesitant to bear the costs of doing so, except in cases such as mismanagement leading to the demise of a company and shareholders bringing a derivative action against officers/directors.
From what you describe, it is a matter of free speech. All companies have anti websites. Not much they can do. why not share the URL?
Not sure what you would expect anyone who has not seen the site to say. I have not seen it, or heard of it, personally. However, if as you say, IB is aware of the site, then what is there to talk about? They will act as the see appropriate. On the other hand, if there is a chance they would not be aware, I would make them aware. OldTrader
There are also libel laws, but that depends on where the website is set up, but making false statements about a business is not always covered by freedom of speech. But it depends on the situation of course.
I posted this thread mostly as a result of my own curiosity. I wanted to confirm my belief that the webmaster of this site can be held legally responsible for what he wrote. FYI: The website was passed around the CBOE floor where Timber Hill has a strong presence. Its nearly impossible that management at IB hasn't caught wind of the site. Thanks for your inputs.
Well, if nothing else we now know who the sick bastard is that is constantly posting crap about IB here on ET. Ok, so now he's outted himself. That said, the site is a pretty funny read, clearly and by definition created by a disgruntled employee. It's so off the wall , it might be classed as a parody or farce by the courts . Oh yeah, and the guy used an anonymous url registration service so his name would not be easily displayed.
don't know about their sexual preferences but i feel fu**d every time IB force me to upgrade their TWS. thank you Mr. Milan Galik , 41 Sr. VP of Software Devel. $ 2.63M http://finance.yahoo.com/q/pr?s=IBKR
I saw IB officers pay from yahoo finance. I feel that IB founder and his pals take his customers advantage to feed their own interests. I just want to say if you want to be rich, dont too rush. We all know how well IB is and where IB come from. I feel not good to IB. I always try to figure out its representitve attitude. even when I try to open an account they are reluctant to answer questions. Sign. Believe or not, only fee is attractive to some retail customers with some hidden cost like first 10K unpaid interest. Nothing else.