former Tuco traders
- Thread starter ab443
- Start date
Your statement is 100% false. Being with an exchange member firm (ie: using the 7) forces their books open to the SEC and exchange regulators on a daily basis, forces them to undergo a minimum of two full audits a year, and tells you your money is being handled appropriately. You get none of that at an unregistered firm, so yes this dynamic has everything to do with 7's.
You aren't making any sense, it is very clear you are upset about your unregistered firm being shut down, but I think you should just get over it, get with a registered firm, and enjoy the peace of mind it brings. The laws may not make sense to you, but fighting them makes less sense when it is so easy to live within the rules, why not just register with the SEC and stay on the good side of the law?
I agree they caused both bubbles, and no I don't want more regulation. You are arguing for less regulation not wanting to play by the current rules, I am saying the current rules are pretty easy to play by and offer a lot of security and peace of mind for my money.
I do not want more regulation, but I do think the current regulation is just fine. You want a financial wild west free for all where unregulated firms can blow your money on hookers and beer and that's fine. I disagree.
C'mon, someone who claims to score in the 90s on the Series 7 has a brain that hurts from a little dose of the truth.
I don't buy it, but I will stop as I have to get back to the moneymaking computers and quit getting sucked into this thread by your illogical posts.
Quote from NazSpaz:
C'mon, someone who claims to score in the 90s on the Series 7 has a brain that hurts from a little dose of the truth.
I don't buy it, but I will stop as I have to get back to the moneymaking computers and quit getting sucked into this thread by your illogical posts.
you calling me a liar? yes i easily scored in the 90s.. not a big deal, many on here have scored in the 90s.
Not sure what your point is here...For starters...there is no requiement for two audits a year...In fact, due to lack of regulators, some small firms are on a 3 year schedule....The SEC usually visits a large firm every three years...a small one???? some times NEVER...The series 7 has nothing to do with how a firm's money is being handled...quite frankley...the series 7 only allows the INDIVIDUAL rep. to solicit and sell securities to public customers...A series 7 only rep can;t even work on a market making desk ( he needs 55 as well)
Lastly, Some of the worst , lying, robbing, cheating and scum sucking firms on the street were filled with Series 7 brokers who were total scum....a few that come to mind:
Baron Chase, S. Richmond Securities, Ar Baron, 'Blinder and Robber'son", and the list goes on.
when someone joins an LLC they are taking on risk... they usually must sign a lengthy contract to join the LLC. it is up to them to assess if they want to do business with them.... the government isn't going to save them. currently we have the SEC freeze assets and a receiver sit on deposits and milk them for how long? tbd
bad nanny!!!!
TM Direct,
You mention several more rules coming down the pike? Can you tell us what might be in store? Are they going to take away leverage from the series 7 guys? Will only the 'retail' guys be left? I'd like to know (as well as many others)...
-Guru