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Let's face it in most democracies politicians who gin it all up to let the good times roll generally get elected. The guys that tell the public about moderation have a tougher time particularly when it looks like everything will go well forever. It is a fatal flaw of Western democracies and...

If you wake up on a Thursday (or a Tuesday) morning and you are unsure of the firm your money is at why would you not have it wired out that day? I may be missing something here but it seems to me that this Penson nonsense has gone on for many months -- maybe a year -- and yet people still...

Frankly Don, I always thought that prop was for traders who already had a winning approach but were short on capital. Your answer leads me to believe it was for the complete novice yet that surprises me. As you can tell I have no experience with prop.

I now see that. Thanks.

Don, does he sound like he is ready for a prop firm?

Here, I think, is a better question for you to ask yourself. In a business where no more than 2% of all the participants can generate 1% a day ... month in and month out, what level of skill does that tyype of performance require and, how can I get that skill and how long do I think it will...

But his funds are in Euros.

BTW ... I'm not sticking up for Corzine!!

Some would ... and others would be the guys who killed them to grab the action. Contrary to folklore the battle for money and power is similar everywhere. Remember Strauss Kahn?

Good attorneys are expensive but even if he ends up spending 10 mil on legal his fortune will largely be intact.

Words like "schmuck" start off ethnic yet, over time, become ubiquitous. We do not know -- or, I hope, care if he is Muslim and, even if he is, he may have watched David Letterman or Seinfeld. The important thing about his Pakistani nationality in this conversation is that he perceives the...

We are in the process of having an incredible amount of easing. Not only is Europe buying bills and the two year but they are pushing down yields on the 10 year and flooding our banks with demand deposits. At this point, further Fed easing is likely to bump up against an age old reality --...

Of course it could happen but there is no indication of it happening anytime soon.

There are so few "real" arbs that do not include being in a position to capture spread the term has become almost meaningless. What most arbs accomplish is to put the equation so heavily in your favor the likelihood of making money is astronomical but the chance of loss, under certain...

An entity with the weight of Knight is unlikely to put itself in a position where, on the futures side, the segregated funds are at risk under their stewardship so that leaves the securities side where most of the retail accounts are fully covered by SPIC and many others are largely covered...

I've lived in London twice and people the world over live comfortably there. I'm not saying there are not some hooligans but there are bad apples everywhere. In NY, London and other cosmopolitan cities with just a bit of common sense you will, if you are outgoing, make friends and be comfortable.

Sure you can. They could let hedgers sell against.

Well ... that's why I asked. You clearly do not mind having partners who think you could be a success and still stiff them. It would not suit me but it does you.

This was far from "out of the blue". My guess is all of the ducks are in a row and, with normal glitches on some small percentage of accounts, this will go pretty well. There is likely to be increased stability -- the risk is largely gone.

Nothing could be further from the truth. While he started in bucket shops and maintained his respect for the tape all his life he kept well informed about financial conditions and the specifics of the major companies and any others in his sphere. It is fair to say he was a "speculator, pure...