Celllebrate good times, come on!!!
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Penson Worldwide facing up to $25 million loss
- Thread starter patchie
- Start date
Am I concerned more after this incident than before? The answer is NO.
This "big event" of a 9% loss of equity is within the framework of normal business operations, and it doesn't seem to me at all to be "warning signs" of more to come, as existed with financials that have subprime exposure.
This "big event" of a 9% loss of equity is within the framework of normal business operations, and it doesn't seem to me at all to be "warning signs" of more to come, as existed with financials that have subprime exposure.
is sipc insurance is per individual or per account?
for instance, if you have $100k cash per account at two different brokerages and both fail, does sipc reimburse you $200k?
for instance, if you have $100k cash per account at two different brokerages and both fail, does sipc reimburse you $200k?
Quote from stefan_777:
I don't see how any of this is related to Penson or Evergreen!
Don't post paranoia. It only makes it worse for everyone.
I don't see the reason to immediately think this is fraud....
It doesn't surprise me that a firm had a margin call they couldn't cough up. If this seems suspicious to someone, please lift up the rock you have been living under for the past few years, and go look at a chart of the broader markets
Well investors in Penson obviously think there is a problem. Granted its been in a long term decline.. potentially due to market conditions.
But that roughly 30% gap down on this news was because everyone could be heading for the exit door at the same time.
Why in the world would you want to risk that some other clearing firm is going to buy out the accounts??? Hell, if its my money, it would be irresponsible for me to sit on my hands and hope for the best!
Quote from sammybea:
Well investors in Penson obviously think there is a problem. Granted its been in a long term decline.. potentially due to market conditions.
But that roughly 30% gap down on this news was because everyone could be heading for the exit door at the same time.
Why in the world would you want to risk that some other clearing firm is going to buy out the accounts??? Hell, if its my money, it would be irresponsible for me to sit on my hands and hope for the best!
Markets have been known to overreact on certain ocasions...
Sammybea you're a freakin fear monger. When wm went under who lost a cent?Penson and each broker has 100k cash- 500k security sipc ins and 100's of mil's of additional ins. Penson clears for over 200 companies from think or swim to zeeco to das trader to mb trading. they have million of customers. They have the mkt cornered and theres not many other firms that offer low commissions that don't use penson. i have mid 5 figures at penson and have zero worries about the safety of my money