yeah im sure ........walts numbers are much better than steves.....walt takes less risk overall.......i believe the most consistantly profitable traders in every shop out their originally trained at walts ......or almost all of them......even steve knows this fact......and its proveable
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Worldco Llc - Walter Bruan Scott Comes Out Of Hiding..
- Thread starter Copernicus
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Quote from megadon:
i received 66 percent of all money owed me.....so did everyone else thats a fact......as a clearing member the dtc held back other money for regulatory purposes....so what am i really waiting for 5 grand...if that.......if walter wants it he can have it ........my gift to him...m.........you guys are so funny really .......the guy does not deserve those uninformed quick snyde remarks.......say somthing really intelligent if you say anything at all ............do you say the same things about george bush or bill clinton......m
This thread is about Walter Bruan, not those persons you mentioned. I'd love to know your goal here. If it is to resurrect the name of Walter Bruan, I would say that you are fighting against a strong current, and you don't sound like a Johnny Cochran to me so you might want to give up on it before more dirt comes out of the closet.
The "king" mortgaged his kingdom and ran away with all the treasures for himself. The traders were left holding the bag. Those were the same traders who built the kingdom, brick by brick. They were returned 2/3 of their money through no effort or good will of Walter or the others.... they were just lucky that the creditors made decent settlements on a lot of the debts. Had it gone the other way, which it easily could have, all of the traders money would have been gone. Walter and the rest did not want to take that risk so they emptied most of their stake over time until it was mainly the traders money that was on the line.
It does not matter if some money is tied up somewhere, enough money was made over the years at Worldco that the traders could have easily been made whole by a Bruan taking some of the personal responsibility that he ought to. If the traders do get back any more of their money it will be due to luck.
Whether you are owed a dollar or many dollars is besides the point. Jesse Livermore was blown out several times in his life, but he always made good on his word and re-paid his debts. He was remembered for that for a long time. Here we are not even talking about a debt. We are talking about returning someone's own money. Where does that leave the legacy of Walter Bruan?
With the traders left holding the bag.
Quote from Surdo:
Further, for over 21 months beginning in early 1999, Worldco inaccurately characterized commission rebates owed to PTJP as revenue to Worldco in anticipation of a possible IPO, resulting in inaccurate books, records and reports. After market conditions changed and an IPO was no longer practicable, Worldco returned over $5 million to two Bruan family members for the benefit of PTJP and another hedge fund also connected to the Bruan family.
The above is straight from the NASD.
http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_002861
...so how is he any better than Refco's Phillip Bennett? The crime is nearly identical.
Quote...... from ..........megadon:
......walts........ numbers....... are much .......better than....... steves
Walter's net worth is <b>more</b> than $500 mil? In that case he really should use some of that to pay back his victims.
remember its worldco that owes some guys some change not walter.and worldco still exists refco does not..........im sure their are many legal complications in this whole thing .......also as an llc limited liability co......traders had liability they all new that.....many firms take big hits ...thats what wall st is all about......when goldman loses 300 mil trading....all the partners and stockholders get hit.......you live in a market economy.....wake up and play the game ....or move to a communist country..............do you think the long term owners of ford motor cars the ford family are happy these days .....look at the stock......or guys that invested in the airlines.......in order for you to trade any co real people have to run them and own them long term............the problem is that walter treated you guys so well that when you get hit with a little reality.......you scream like little children....booo hooo whooo......m
by the way all this worldco stuff is old news.......old old old .....its what hes up to now thats really hot.......and im sure many guys would jump at a chance to work with him again.......he sure built a bigger co faster than anyone on wall st ......while the whole time remaining private.........and some of you guys are right he shut it quickly so guys would get their cash.....yes their was a bag but it 2 thirds full..............i believe that if people took their cash out all at once from any firm....they all would not get 2 thirds .....think about that ....you do not live in a world without real costs and commitments by cos.....
Quote from Rearden Metal:
The above is straight from the NASD.
http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_002861
...so how is he any better than Refco's Phillip Bennett? The crime is nearly identical.
Walter's net worth is <b>more</b> than $500 mil? In that case he really should use some of that to pay back his victims.
what are you talking about. the whole loss was a couple of million dollars. walter never signed off on those leases that sank the firm. do you know who owned worldco? can you post an answer who owned worldco with names?
i dont even think it was near 1 million......it was nickles.....and whatever it was that money would not have been made without him .......at all.....for sure......he will be back im sure of it .....how much did the market move since he closed his shop ..........0 points......think about it lllll......look at the volitility.....when stocks start to get hot again that guy will be their.......you will see..m
Quote from megadon:
by the way all this worldco stuff is old news.......old old old .....its what hes up to now thats really hot.......and im sure many guys would jump at a chance to work with him again.......he sure built a bigger co faster than anyone on wall st ......while the whole time remaining private.........and some of you guys are right he shut it quickly so guys would get their cash.....yes their was a bag but it 2 thirds full..............i believe that if people took their cash out all at once from any firm....they all would not get 2 thirds .....think about that ....you do not live in a world without real costs and commitments by cos.....
Why would I want to work for him? You said he paid 7% and charges .005 a share. You have to be Walter or family. You live in all the same places Walter would live. What made him so great he started rich and was not some poor guy in the projects? You come off like a dick to a new guy who joins his firm and in a few months he closes with his money. The top worldco guys left awhile before he closed. The big Russian guy has a group at hold now.
Quote from brokerboy:
Why would I want to work for him? You said he paid 7% and charges .005 a share. You have to be Walter or family. You live in all the same places Walter would live. What made him so great he started rich and was not some poor guy in the projects? You come off like a dick to a new guy who joins his firm and in a few months he closes with his money. The top worldco guys left awhile before he closed. The big Russian guy has a group at hold now.
create your firm and see if you can get your costs down to less than .001
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