One for the ages: I owe Etrade $106k, ouch.

zdreg · Nov 19, 2015

pk3r1234 said:
I've never used my own account. If that is the case though the choice is yours, lose 100k or never touch the stock market again. I think I would choose the second choice? if I was in that kind of position, that's more money than he's probably going to make in the market ever

he will never get a mortgage or a business loan except from you or maybe even not then.

noddyboy · Nov 19, 2015

zdreg said:
you had not dealt with lawyers or read broker agreements. he will never be able to open an account in his own name unless he settles. your post is just puff.

Never heard of this. He can always open with another broker.

"unless he settles" means there is no legal judgement against him. Then it is not on the credit report. And even credit report is not forever.

NoVoodooHere · Nov 19, 2015

If it were true, perhaps one should consider that "you can't get blood from a stone"

Also Etrade probably makes that much profit in about 30 seconds during the trading day, so should not be too difficult to persuade of a "write off".

lawrence-lugar · Nov 19, 2015

NoVoodooHere said:
Also Etrade probably makes that much profit in about 30 seconds during the trading day, so should not be too difficult to persuade of a "write off".

http://www.marketwatch.com/story/he...hed-and-now-i-owe-e-trade-10644556-2015-11-19

This story could have just as easily been me... when I first started out trading with ETrade. -- I would basically go all in like this guy

, just winging/gambling it on quarterly earnings reports on which company I thought would see a big move.
(those stupid amateur bonehead trading days were the worst of days,and also strangely...the best of days)

AAAintheBeltway · Nov 19, 2015

zdreg said:
he will never get a mortgage or a business loan except from you or maybe even not then.

If he declares bankruptcy it is written off pretty quickly. A few years max. I just read a story about mortgage brokers getting laons for people with recent bankruptcies.

NoVoodooHere · Nov 19, 2015

lawrence-lugar said:
(those stupid amateur bonehead trading days were the worst of days,and also strangely...the best of days)

Ahhhhhh yeaaaaah... The pre-devirginisation innocence of youth

garachen · Nov 19, 2015

I feel bad for him. There are many risks in the financial system. Some are controllable and some are not. But I wouldn't donate because he wants to trade again and thinks stops will protect him. He needs to gain a better understanding of what went wrong.

Guile · Nov 19, 2015

This guy is a dumbass and a conman. He made a staggeringly imprudent "investment" and now he wants a bailout from the commoners. Can we get this guy's resume to a CDS desk at Goldman?

RossLL · Nov 20, 2015

I was going to donate $1 so I could send a personal message to him telling him what an idiot he is, but he's no longer taking donations.

Btw, KBIO has no options so you can't hedge a short with options. I'm still incredulous that Etrade allowed this. It does seem it's a scam

zdreg · Nov 20, 2015

RossLL said:
I was going to donate $1 so I could send a personal message to him telling him what an idiot he is, but he's no longer taking donations.

Btw, KBIO has no options so you can't hedge a short with options. I'm still incredulous that Etrade allowed this. It does seem it's a scam

it is not a scam.
the whole event is an outlier (for the firm) and a black swan event(for the customer)
106k will barely even register on etrades bottom line.

shit happens.