Why would a prop firm steal your deposit?

Discussion in 'Prop Firms' started by giggollo, Dec 8, 2006.

  1. Damm
    I should have read this post before i gave a loan to my co -worker $500 and he promised me to pay back by 25 december
    I am not sure if he will keep his promise ( hope he does )
    #11     Dec 8, 2006
  2. While we're already on the subject, I might as well repeat a couple things life has taught me:

    1) NEVER trust anyone who calls people 'buddy' or 'my friend', and never do business with them. That's the eternal mark of the bullshitter! Just knowing this simple yet effective little profiling trick can save you from mountains of considerable anguish. Once you start looking for the 'bullshitter key word', you'll be amazed how often liars completely give themselves away in advance- even when there are no other warning signs present.

    Another way to spot liars before it's too late: Beware of anyone who is overly <b>fashionable/trendy</b>. Honest men don't drive BMW's.

    2) Contracts, receipts, warranties, and other assorted pieces of paper can never protect you when you deal with sleazebags. <b>If you can't trust a man's word, you can't trust his written word either</b>, no matter how 'legally binding' you think it may be.
    #12     Dec 8, 2006
  3. jrkob


    #13     Dec 8, 2006
  4. ken__0


    what do honest men drive i am intrigued.
    #14     Dec 8, 2006
  5. 1974 Chrysler Valiant 245 ci Automatic
    #15     Dec 9, 2006
  6. ummm...oh nevermind

    #16     Dec 9, 2006
  7. ... <b>Amen to that... <font size=9> ! </b></font>

    #17     Dec 9, 2006
  8. This thread caught my eye and after reading eagle's reply I must say I completely agree with him for over 90% of people. Often times when you "loan" someone money, you might as well mentally write it off as a loss so it doesn't bother you later on when you don't receive it back and you don't waste days and weeks trying to collect your money.

    While playing poker for a living for three years of my life I've heard all the bashers talk about how poker players are scumbags and how they cheat and lie for a living, etc...
    I must say however, poker players are some of the most honest people you will ever meet, at least the good ones are. I don't really trust anyone, but I do trust and respect good high limit poker players and would loan them money and not worry about receiving it back. I guess you just have to know who you are loaning the money to, know the user-type buzzwords to look for as rearden mentioned in his earlier post such as "buddy". If you can identify a con-man before he cons you, well - you will save a lot of money in the long run. Everyone should be careful when loaning money, but I guess what I'm trying to say is that there are still some decent people left in the world, not everyone is a scumbag just looking to screw you.

    #18     Dec 9, 2006
  9. jem


    to supplement RMs response I would like to add never trust someone who says trust me.

    First first day of law school my first professor said he had 20 years experience doing contracts in Chicago.

    he said when someone says "trust me" translate it as fuck you.

    Some of the best advice I ever had as a lawyer.
    #19     Dec 9, 2006
  10. When you put up a deposit at a prop firm, are you "loaning someone money" (someone who is a nobody to you, like an acquaintance) or is it like depositing your money with a bank or retail brokerage (an institution)? Is it somewhere in between? I guess it depends on which prop firm you're dealing with, but again, I don't see why, just from the pure economics of it, a prop would destroy their income stream to put their hands on a deposit, unless the deposits are much larger than the income streams that is and they're planning to never do business in North America again
    #20     Dec 9, 2006