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Worldco Going Out of Business
- Thread starter Thug_Life
- Start date
Quote from Maverick74:
Worldco's attorney's filed a cease and decist order against the New York Post reporter who printed the first story. So his hands are cuffed. I don't even know if they are legally allowed to do that but they did.
Worldco has the money to pay attorney's to go after newspapers, but they don't have any money to give traders back their OWN money? I think they knew they were going down a long time ago, so they planned an escape route. And as usual the average hard working man gets the Johnson right up their behind w/no vaseline, just a match and u know the rest.
It's unfortunate that people cannot be upfront about things. An honest hard working man/woman doesn't deserve to be screwed over like that. I guess in the end people have to live with themselves. However like the old saying goes, what goes around comes around.
Quote from I Missed Boat:
Schonfeld has one of the best technologies.
what is it? their software is like so 1995 it's not even funny. and you get more information and better quotes from well anyone. i am shocked that they have any trader left given the software they use. no level two, give me a break, their trader are sacrificing at least a penny and some times more in slippage (on every trade). Don't use the word schonfeld and technology together...please
Quote from bmwstox:
Worldco has the money to pay attorney's to go after newspapers, but they don't have any money to give traders back their OWN money? I think they knew they were going down a long time ago, so they planned an escape route. And as usual the average hard working man gets the Johnson right up their behind w/no vaseline, just a match and u know the rest.
It's unfortunate that people cannot be upfront about things. An honest hard working man/woman doesn't deserve to be screwed over like that. I guess in the end people have to live with themselves. However like the old saying goes, what goes around comes around.
And I hope that saying goes in this case. You are absolutely right on every count otherwise.
Quote from I Missed Boat:
Schonfeld has one of the best technologies. As far as what stops a wldco trader from trading "a few weeks" and leaving is that wldco traders will not see a return on their capital account at anything like a rate that quickly. For the small piece wldco traders are getting, it will probably take a very long time for traders to get anything significant returned to them, and in the meantime, wldco itself is still responsible for the lost capital (ie Schonfeld simply offers a way for wldco traders to try to hedge some risk of not getting much of their capital returned from the criminal worldco ownership).
I hear what you are saying but it still doesn't make sense and let me tell you why. Let's say Trader A lost 30k with Worldco right. So he goes to Schony who tells Trader A that for every 10k in commissions or profits, whatever, he makes, they will contribute 1k towards the lost capital right. Ok so fine, after generating either 300k in profits or commissions, Trader A has now made back his 30k that he lost at Worldco. This is so stupid, why not just cut Trader A's commissions by 10%. That way after each 10k he generates in commissions he essentially keeps 1k from the commission cut does he not? So after generating 300k in commissions he will have saved 30k in commissions thus equaling his loss in capital at Worldco. Do you see what I am saying. Why disguise it as yeah we are going to help pay back your loss from Worldco? Just give them lower commissions or even a higher payout on their net, either way it's the same thing. What am I missing here? Do you understand why I am so suspicious of the language they are using and how they are making this look. This just looks really suspicious. If my logic is flawed please show me where.
Why is everyone so negative about Schoney taking the Worldco guys in? I am sure after losing money with one prop firm, they would be loathe to put money up with another. Of course Shoney isn't doing it out kindness, they are still firing non-producers like crazy, he is a businessman, looking to get a few profitable traders out of worldco, broadway, hartland, etc. As far as Shoney equipment, yeah...they are still set up like it is 1999, but the worldco traders like hartland, etc, will end up using their systems I am sure.
Quote from Maverick74:
Define small piece of the profits? This seems awfully suspicious to me. The fact that Wordco was steering guys over to Schonfeld is worth about one subway token in my pocket. Schonfeld has to worry about their own bottom line and from what I have been hearing they are not in the best of financial condition either. The next question I would have is if I was a trader at Schonfeld, are they putting my existing job at risk by overextending themselves financially. And is that fair for them to do that. I'm sorry, I'm just not buying the nice guy routine here. I know the industry too well.
well it does make sense.. if the top 50 worldco guys went to this schonfeld branch, they'd probably do triple the existing volume that the 100 guys do there.