i empathize with ratboy.thos whole situation is very troublesome,not to mention hypocritical. i own a firm and have 3 million in capital. i then let a friend come in with 5k and give him 1100k of my own buying power to trade with but before i do,i have him sign a paper saying he is financially responsible for any loss. what the hell is so wrong about that and how will a series 7 make my friend understand that agreement any better than joe blow took the 7 and 55?
The Media Moguls, the Bankers, and the CFR While browsing an online forum I came across a very interesting thread where the posters had done some research on the media. What the posters have found is that in the board of directors of some of the 6 corporations that own most of the media, some names appear over and over again; some of them also appear in the board of directors of some very large banks and other financial institutions; some are on the boards of large oil companies, and have relationships with some of the highest people in government, and some are members of the Council on Foreign Relations. Below is a copy of the thread. At the bottom is someone's post about oligarchy and plutocracy. ------------------------------------------------------------------------------------------------ While doing a little research, I happened to open a Pandora's Box so to speak. I was curious about some of the ownership and leadership of the Media Machine. One of my first searches was for Time Warner. Time Warner owns, CNN, AOL, HBO, New Line Cinima, WB, etc. Heavy investors are Goldman Sachs and Merrill Lynch When looking at the board of directors, this is what Wiki has to say... Quote » * James L. Barksdale - Barksdale Management * Stephen F. Bollenbach - Hilton Hotels Corporation * Frank J. Caufield - Kleiner Perkins Caufield & Byers * Robert C. Clark - Harvard University * Mathias Döpfner - CEO of Germany's Axel Springer AG * Jessica P. Einhorn - Johns Hopkins University * Reuben Mark - Colgate-Palmolive Company * Michael A. Miles - Altria Group (Parent co. of Philip Morris) * Ken Novack - former Time Warner - Affiliate Director * Richard D. Parsons - Chairman of the Board & Chief Executive Officer * Francis T. Vincent, Jr. - Vincent Enterprises * Deborah C. Wright - Carver Bancorp * Edward J. Zander - Chairman and CEO of Motorola Inc........... Full Article: http://rabbit-hole-journey.blogspot.com/2007/10/media-moguls-bankers-and-cfr.html go to the link... other names include murdoch, giuliani and rothschilds. lovely huh?
I am going to go find some of these Bear Stearns guys and REPO their Quattroporte's - time for a real tax REFUND!!! http://www.maseratiquattroporte.com/newqpsite.html?lang=en :eek:
i like the "licensed traders" who lost billions of dollars in bear stearns equity. perhaps bear should have hired a few unlicensed prop guys from assent with 5k down! bear would still be in the 100's. lol
Norman Dodd, lead investigator of 1954 Congressional investigation into Ford, Carnegie, Rockefeller, Gugenheim foundations posing as charitable trusts finds White House directed efforts towards control of US education to foster a One World Dictatorship. just a reminder... Carnegie owns prometrics that administers and profits off of traders being forced to take its unrelated to trading, exam. also of note... carnegie is TAX EXEMPT. their company ETS is a "non-profit" monopoly. <object width="500" height="418"><param name="movie" value="http://www.youtube.com/v/ZCUu8KC_WfI&hl=en"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/ZCUu8KC_WfI&hl=en" type="application/x-shockwave-flash" wmode="transparent" width="500" height="418"></embed></object>
I realize that this site is designed to bring in business to Bright, so I take a lot of the gloom and doom unlicensed prop trading talk with some skepticism. I can't see how it's a bad thing to have my $2000 account at risk of evaporating when I can make that much every two weeks with my sweet 50:1 buying power. Most of the other guys in the room with me let their 7 expire so they could go from a licensed prop shop to an unlicensed one. It's a better deal with higher leverage and less capital. We are adults and can take responsibility for the potential to lose our deposits. If I put down my 25k deposit on an account, how is that less risk than my 2k deposit, besides the higher probability of occurance? This is just the government interfering with a free market construct again. The service would not exist if there weren't people seeking it out and using it. Whatever, I will get my 7 and 55 and 63, slap down 30k (25k min) and pay up for less buying power. That sucks.
You dont need the 25K with a Series 7. I've been trying to convince a friend of mine to go the the Series 7 route exactly for this reason. He keeps complaining about having to raise 30k (5k breathing room otherwise the first drawdown below 25K will essentially cripple your account and limit you to 2-1 leverage and no more than 3 RT day trades in a 5 day rolling period) Most Series 7 firms make it easy to capitalize by requiring only 5, 10, or 15 to fund the account. All this regulatory BS may eventually result in everyone getting a Series 7 to daytrade. Glad I just recieved mine this past Monday on Saint Patricks Day.
At the end of the day....there will be other innovative legal structures which will allow for basically the same setup as before.... I will venture to say there will be more legal options for non licensed traders rather than fewer.... School is out....watch what happens.... ...................................................................................... Trading on the internet is just starting ..... There will be many venues.....for licensed and unlicensed traders.... Professional independent trading has only just started....
Amazing....people on this board still think the series 7 is about leverage. LOL. One more time just for laughs...the SEC does not require you to have a series 7, your SRO does. The series 7 has nothing to do with leverage.