Salomon Smith Barney wipes out lottery winner

Discussion in 'Wall St. News' started by traderdragon2, May 4, 2007.

  1. "A fool and his money are lucky to get together in the first place"
    #21     May 4, 2007
  2. ElCubano


    until ya hit....:D then it was one hell of an investment..even if u played for dispaear for about a month...just to think of what to do...i would not purchase one damn thing for at least a month....
    #22     May 4, 2007
  3. I would buy a monkey.

    I've always wanted a monkey.

    And yes, I would let him trade (his own account - if he blows up, oh well).
    #23     May 4, 2007
  4. Were those in NYC? That city is infamous for chop shop bucket shops.
    #24     May 4, 2007
  5. You forgot Dewey, Cheatham & Howe.
    #25     May 4, 2007
  6. ElCubano


    and BOCA/ft luaderdale as well...i used to work for biltmore securities...$25mill IPO monthly which would triple sometimes and they get their clients to buy stock in the aftermarket which would net the broker 1 bone on a 7 stock...u do the math...can anyone say CA-CHING..they'd give a cat 3000 units which would triple and then with the excitement pound him into 50k shares at 7 with a freaken bone in it...that 50k gross on one trade..and yes i saw trades for $500k for a $3 stock from someone theyve never met...crazy when u think with ur pockets..that there are people who could send $500k to peoplke theyve never met..i never did any of this...i was just an naive cold caller /acct opener...
    #26     May 4, 2007
  7. It almost seems the wise thing to do is spend every penny before some asshole, family member, or friend takes it from you.
    #27     May 4, 2007
  8. Nanook


    The first two were in Denver, CO.
    Not sure about the third.
    #28     May 4, 2007
  9. Very interesting.

    #29     May 4, 2007
  10. Actually there is a good explanation why so many lottery winners have trouble holding on to their money.

    Lotteries are strongly negative expectation (state vig is like 30 to 45%).

    So only two kinds of people buy lotteries

    Those who

    1) have no interest in finding out how much vigourish there is in a game and are ignorant of the odds or

    2) know the odds but in a triumph of hope over logic, dump the rational approach and buy the ticket anyway.

    These two groups of people are less likely to be the kinds of people who make careful plans to salt away and stretch lottery wins in order to take care of them for the rest of their natural life.

    So, lotteries self-select for people less likely to do the smart thing for themselves should they win.
    #30     May 4, 2007