ran across the traders at Worldco on lunch in Wall Street one day, and they bragged about there being over 400 traders on some 3 or 4 floors and more being added weekly. something didn't quite sound profitable with that equation given that most of these traders didn't recall the rallying stocks of the day, or the news events behind those rallies. there are those firms that pack them in like the subways of NYC and there are those firms that (not necesarily screen) teach the trader trainees to comprehend Fundamental events along with the Technical events and when questioned give some positive evidence that it makes sense. This is not a scientific measure, but on that day, it didn't seem like those traders knew their NASD from their NYSE.
Funny thing is that I've seen some people (former brokers, MMs, hedge fund traders, etc) who knew everything about the fundamentals and STILL couldn't trade, no matter how good their ideas sounded. On the other hand, there are tradres who have made millions never following the news (whether swing trading or daytrading).
worldco is the scurge of the industry bottom of the barrel the place suks, cant even send out tax info its a joke
You had no capital to pull out to begin with. No need to lie about that. And yes, the head of risk was an unfortunate victim of the layoffs. Worldco did fire 300 traders. Did you expect them to keep a full force of non-trading personnel when it was no longer necessary? One may say it was cruel that they fired the guy with the most experience but that was their decision. But i'm not here to argue that. People with positive capital accounts were not asked to contribute more. The only exceptions being those traders who wanted to take abnormally large overnight positions or MOC allocations. Yeah they let a few tech guys too. They were not needed anymore as I explained above. Those phone people are qualified tech guys. They have the ability to logon to your computer from a remote location and can solve most problems that way. If they can't, they will send someone to your location. Worldco has at least 5 different floors in three separate buildings on Wall Street. To me it seems like a pretty efficient way to give tech support. This has either got to be a lie or a misrepresentation of the truth. No one who had capital in their account was asked to contribute more. The only other possibility is that your friend had a disagreement in the allocation he was given for MOC's or overnights and he was simply asked to contribute more, chose not to and left. You know very well that Worldco is in no danger of being out of business anytime soon. They were profitable even before the layoffs. Now they are even more profitable after letting guys like yourself go. I don't think it's fair to say that they are a "joke" simply because they are not letting you trade when the firm is assuming all the risk while you assume none. Nor is it fair to come to the conclusion that Worldco is going out of business based on anything you said. Your entire argument that Worldco may be in trouble is complete BS. I just wanted people to know the real facts before drawing any conclusions. -G
The new system is not working well yet and they let go of the man who was creating the system to save money. Without him things have been going wrong left and right. It seems like they have been making some poor decisions.