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May they rest in peace: dead firms
- Thread starter javaboy
- Start date
Stay on topic or you'll close the thread? What is the topic? I thought it was about firm's no longer with us. This thread ceased to be relevant to its topic pages ago. Anyone can bash Don, he is an easy target. Why don't we start a bash Don thread?
Quote from Joseph Pipp:
Stay on topic or you'll close the thread? What is the topic? I thought it was about firm's no longer with us. This thread ceased to be relevant to its topic pages ago. Anyone can bash Don, he is an easy target. Why don't we start a bash Don thread?
LAUGH OUT LOUD!!
Quote from Olaf:
Griffin Trading London/Chicago. Went under due to John Ho Park, a trader who lied about his position being long 700 bunds when he in fact was long over 7,000 bunds. Lost over 7 million pounds. Took down Griffin trading and many locals with him. Where is he now I ask ???
Did they not have a risk control department that could tell what his positions were?
Quote from Don Bright:
Well, hmmm? Just a personal thought. Sungard sold BRUT, which may (just MAY) mean that they have similar plans for Assent. One thing I know for sure is that they (Assent/Sungard) will have to re-classify their traders $millions into a Liability for the reasons stated above. And since they are a Public company, they don't qualify for the extention of time to Dec. 15, 2004...they may have to comply now. This would mean that they have to infuse a heck of a lot of capital into the venture, or dramatically start cutting back.
I'm more concerned about the traders than some of the firms. If the smaller firms haven't kept all the money in cash, or have other outstanding loans and/or liabilities (leases, etc.), the deposit money may not even be there. We don't want to see an industry wide "black eye" by leaving traders stranded without the money they thought they had.
I don't mind answering a couple of questions, but please understand that this whole thing is just now starting to happen. I want to refer many of your questions to the regulators.
This accounting change was broght about, in part, by the ENRON fiasco...using and reusing the same pot of money to inflate values of other LLC's.
I hope that everyone followed my advice when I told them to check the damn balance sheets before signing into any firms, and to stay the heck away from the sub-llc's.
Don
Don you overgrown has been. Please dont comment on Assent or how Sungard "may" be trying to sell Assent also. Griefeld (ex ceo of Sungard now ceo of Nasdaq) obviously liked Brut when he was with Sungard and made that a top priority to purchase Brut when he got to Nasdaq. Dont comment on rumors. If you want to mention Assent in any of your posts at least be accurate.
Quote from speedboy:
Don you overgrown has been. Please dont comment on Assent or how Sungard "may" be trying to sell Assent also. Griefeld (ex ceo of Sungard now ceo of Nasdaq) obviously liked Brut when he was with Sungard and made that a top priority to purchase Brut when he got to Nasdaq. Dont comment on rumors. If you want to mention Assent in any of your posts at least be accurate.
Not to agree with Don, but I have less trust for the firm now than I did before the acquisition. If %$$$% does decide they want out, there will be such a run of traders that there will be nothing left of %@@@%. It almost happened already over a measly rumor, so god forbid the next rumor will actually have some truth to it.
I do not trust the big firm at all. They have not done a damn thing to improve anything for the traders except for the added regulations that protect our accounts from just anyone taking money from it. But besides that, it's only more corporate BS, more restrictions, fines & regulations. Yes, they even decided to take away Instant Messenger even though many many traders IM each other with stocks and moves.
And by the way, in case you were not notified by compliance, we are not allowed to use either of the firm's names on any message board.
Quote from Hydroblunt:
Not to agree with Don, but I have less trust for the firm now than I did before the acquisition. If %$$$% does decide they want out, there will be such a run of traders that there will be nothing left of %@@@%. It almost happened already over a measly rumor, so god forbid the next rumor will actually have some truth to it.
I do not trust the big firm at all. They have not done a damn thing to improve anything for the traders except for the added regulations that protect our accounts from just anyone taking money from it. But besides that, it's only more corporate BS, more restrictions, fines & regulations. Yes, they even decided to take away Instant Messenger even though many many traders IM each other with stocks and moves.
And by the way, in case you were not notified by compliance, we are not allowed to use either of the firm's names on any message board.
I dont know what you're talking about but you're only blowing smoke up your own ass. There is still instant messenger.
Yes there is corporate BS. Just because you do not see the improvements doesnt mean they are not happening.