I don't know too much about them, but if I remember correctly, they "hire" traders...they don't take traders money. If you're only an employee, it wouldn't matter as much....just check their balance sheets. If that has changed, then you would need to ask them. And, to be fair, FNYS has never popped up on the "questionable" radar, and I have heard good things in the past...and now that Don from Generic is over there, I expect that they're doing well. We'll know more soon. Don
Well, hmmm? Just a personal thought. Sungard sold BRUT, which may (just MAY) mean that they have similar plans for Assent. One thing I know for sure is that they (Assent/Sungard) will have to re-classify their traders $millions into a Liability for the reasons stated above. And since they are a Public company, they don't qualify for the extention of time to Dec. 15, 2004...they may have to comply now. This would mean that they have to infuse a heck of a lot of capital into the venture, or dramatically start cutting back. I'm more concerned about the traders than some of the firms. If the smaller firms haven't kept all the money in cash, or have other outstanding loans and/or liabilities (leases, etc.), the deposit money may not even be there. We don't want to see an industry wide "black eye" by leaving traders stranded without the money they thought they had. I don't mind answering a couple of questions, but please understand that this whole thing is just now starting to happen. I want to refer many of your questions to the regulators. This accounting change was broght about, in part, by the ENRON fiasco...using and reusing the same pot of money to inflate values of other LLC's. I hope that everyone followed my advice when I told them to check the damn balance sheets before signing into any firms, and to stay the heck away from the sub-llc's. Don
Don, You warned us more than enough, the smart one's have lis- tened, so you saved some asses..thanks in their name !
PRAISE FOR DON BRIGHT///// well don, i know nothing about your business, but reading this thread about all the dead bodies lying around in the prop daytrading world.... all i can say is.... you and your brother must be doing something right... GOOD GOING!!!!!
Well, thanks..I appreciate the nice words. There are other good people as well...and here is the Bob Green (CPA) quick recap and some other good info. http://www.greencompany.com/PropTraders/Traders.shtml#fasb Don