Like all of us, I have done the same dumb thing. I think it's like taking a spill on a motorcycle. Gotta get it over with to become an experienced rider.
Good thing for me...I didn't get bailed out of the trade, but it was in a customers account. So f'n Merrill Lynch wanted to take it out of my pay. It was like 12k. I call ML headquarters in NYC and ask for the error dept. (not having any idea if they even have an error dept.) So of course ML has an error dept., 'cause they are like the government. Big, rich and corrupt., and departments of every flavor to serve every kind of nepotism and political favor there is.
So the error dept. tells me the firm policy is I am only on the hook for a max of 5k.
Call the local riechfuhrer at the regional compliance dept., and he says I gotta pay the whole thing. He is superseding the firm policy, on the orders of his superior (Field Marshall). He vas just following orders!!!
So I quit. Got a nice sign on bonus from EF Hutton. And never paid ML a dime more than what they already had deducted from my paycheck (about 2k).
So the error caused me to leave ML, which was the best move of my life. At Hutton I got involved in trading, and got out of the retail end of securities. If not for that error, maybe I would have spent my life in Merrill Lynch Hell. Nah...no way! The thought of the place still gets me nauseous 15 years later.
Some mistakes are bigger than others. Learn from them all. And once in a while, like me or Publias, you get lucky too! But even then I knew I got off real easy. Haven't done a buy for sell since.
