broker solvency in market crash

[jimrockford]

Quote from adityanm:

I don't have to suspect but you convinced me that you do work for IB or have some other relationship with them to be so upset and are getting so nasty on just one post when there so may other post on this forum such as http://www.elitetrader.com/br/index.cfm?action=view&R_FirmID=43&start=11 by cowpock & 7thdim etc on this very forum and elsewhere http://www.mymoneyblog.com/archives/2005/12/mbtradingcom_re.html#more .

I am still in the process of opening 3 accounts with MB T within the last month after evaluating IB & MBT because I wanted to pay less commission than Schwab and Scottrade where I had my accounts. You will find my comments on the IB discussion forum too as to why I did not open the account with them.
I am not hiding anything and like to call a spade spade.

Adityanm,
I think it is obvious you are hiding something. You made wild accusations, but no matter how many times you were asked to support them, by revealing the specifics of the better deal you claim to be getting, you just ignore the request, and throw out more distractions so people won't notice you can't support your wild accusations.

The info you gave, to distract from the fact that you are hiding something, was totally bogus. One of your links is broken, the other leads to irrelevant info, and none of your ET posts are relevant. Your accusation that I work for IB was totally false.

I am still waiting for you to deny that you work for a broker. Do you?

 

[adityanm]

Quote from joeyata1:
i have an account with mbt and to compare ib to mbt is an insult.

To whom ?
YMMV. Same shoe does not fit every one.

You may have different needs from mine. I did not need all the bells and whistles of IB and am quite happy with them so far.
I have noticed that MBT has made many welcome changes to their policy.
I would not like my $10K sitting with them without interest since I prefer cash transactions to margin at any rate. Penson is paying 3.37% daily interest on MM credit balance which is good enough for me while I buy another position.

 

[adityanm]

Quote from jimrockford:

I am still waiting for you to deny that you work for a broker. Do you? B]

Don't you understand English?
I already denied your accusation and I do not work for any broker.

I will be only too happy if you can find me a job at IB.

 

[def]

Quote from adityanm:

Don't you understand English?
I already denied your accusation and I do not work for any broker.

I will be only too happy if you can find me a job at IB.

I can attest that JimR is not an employee of IB. (if you really aren't sure, go back a few months and search for threads where he took us to task on some of his concerns).

FWIW, IB's current credit rate is 3.8% to 4.05% depending on your balance. For higher balances it is clearly a better deal. More importantly, the margin rates IB offers are saving clients a bundle relative to other firms.

IB does offer excellent interest rates but we do not want to be a bank. There is a cost associated with every open account - even if idle. As a result, the minimum balance requirement was put in place as a deterrent for parking low balances with us. In return, we can be more efficient and pass on the savings elsewhere (including paying higher interest rates and preferable margin rates to larger balances).

IB may be not best suited for you which is fine. However, I believe it is fair to state that you should have done a bit more research before making a blanket and incorrect statement in regards to a firms policies.

As for a job, we do have a number of openings which are posted on our site. you're welcome to submit a CV (a tip: leave your initial comments in this thread off the cover letter).

 

[joeyata1]

def or steve what job do you hold at ib? is your job to be on this thread? just curious as i'm sure ib pays you to come on here.

 

[mschey]

Quote from adityanm:

Who would buy the gold in such a situation? You need to buy food first.

You're kidding me right?

 

[def]

Quote from joeyata1:

def or steve what job do you hold at ib? is your job to be on this thread? just curious as i'm sure ib pays you to come on here.

no we don't get paid to be on here (if you look at the times of postings, you'll probabkly note that most of our posts are during our free time). We are in the Asian office of IB.

 

[adityanm]

Quote from def:

I can attest that JimR is not an employee of IB. (if you really aren't sure, go back a few months and search for threads where he took us to task on some of his concerns).

I have no reason to disbelieve you or him but aggressiveness with which he defended IB just made me pay him in the same tone.

FWIW, IB's current credit rate is 3.8% to 4.05% depending on your balance. For higher balances it is clearly a better deal. More importantly, the margin rates IB offers are saving clients a bundle relative to other firms.

I know your policy since I said before, I did investigate your company before I decided against not funding it. You can find my postings on your own forum since I used the same nickname there too.

I wonder how many people can leave cash balance high enough to beat the return at other companies. Do you know any other company that pays no interest on $10K?

As a result, the minimum balance requirement was put in place as a deterrent for parking low balances with us.

I don't dispute your right to set any rules but I do have right to express my opinion too. You already deter parking any cash by charging for ACH withdrawls. I do not like to leave any cash position with my broker since my on line banks pay me much higher interest and are FDIC insured.

 

[jimrockford]

Quote from adityanm:

I have no reason to disbelieve you or him but aggressiveness with which he defended IB just made me pay him in the same tone.

I don't dispute your right to set any rules but I do have right to express my opinion too.

No, adityanm, wrong again.

You accused IB of a scam, before I wrote anything at all to you. The way you discussed your accusation was, in my view, blatantly and deliberately dishonest. You do NOT have a right to make accusations which you know to be false. Only then did I respond. Don't try to turn it around by claiming that I initiated our hostilities.

You claimed MBTrading gave you a better deal than IB for interest. You still haven't given us the specifics, and you are still trying to distract us from those basic facts.

 

[adityanm]

Quote from jimrockford:
You claimed MBTrading gave you a better deal than IB for interest. You still haven't given us the specifics, and you are still trying to distract us from those basic facts.

You are just a parrot repeating same thing and have no manners. I don't have to give you any more specifics since it is matter of my choice to take what I consider a better deal. It is well known that IB does not pay any interest on $10k. What more specifics is needed?