it stands to reason that if a firm goes net negative you won't get your money back because there is no insurance. Common sense.
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Worldco R.I.P. 1993-2003 ?
- Thread starter bmwstox
- Start date
Quote from Newatthis:
Now that you brought it back up, you never answered my question. My estimates were that you had lease obligations that amounted to about $10 million. Under your scenerio that would put the trader's money at risk for the liquidating value. Add in all the yet to be depreciated assets and other obligations and the 10 million isn't what it used to be...
The $10 million is just a fraction of what we have in equity at Bright Trading, Inc. (who is responsible for the leases, not the LLC). We are still the only firm that I have seen freely distribute balance sheets to its' members. Please feel free to show me others.
Don
If Bright distributes AUDITED Balance sheets, then that makes him far ahead of the others in terms of disclosure. I wouldn't put money into an uninsured firm without a balance sheet any more than I would put money into an uninsured Bank. It seems that worldco was a true prop for a long time not requiring money to be deposited, so it didn't matter as much, but now things have changed.
Quote from theShadow:
its during these times when you have to wonder why the principal of another firm inserts his two cents.
how low can you go?
maybe if Bright spent some of that $10M on improving their resources, they would attract smart traders.
"Vulture" eh? I prefer "survivor" as opposed to the prey.....
I'm not sure what you mean by "low" - since we have many groups come to us when their firms are in trouble...and we haven't spread that "dirty laundry" - and, we spend plenty on equipment, but since we're not "brand new on the block" - we go through an upgrade process when needed. We can afford to do all that, and keep the $10Mil or more cash up to protect our traders.
In defense of our traders, we have some of the best, most profitable traders on the planet....
(not upset, just practicing for the "slings and arrows" that may fly this afternoon....although I hope we can keep things positive and constructive).
Good Trading...
Don
Quote from MondoTrader:
If Bright distributes AUDITED Balance sheets, then that makes him far ahead of the others in terms of disclosure. I wouldn't put money into an uninsured firm without a balance sheet any more than I would put money into an uninsured Bank. It seems that worldco was a true prop for a long time not requiring money to be deposited, so it didn't matter as much, but now things have changed.
Our balance sheets are audited (not by Arthur Andersen etither, lol)....
Don
while worldco is up for discussion - i thought i should add my .02. I'm one of the suckers who fell for Walter's hubris and it darn near almost ruined my life. Maybe it was naivete or just my own stupidity, not sure what. I gave up a well-paying job as a size-trader and within a few weeks had to plead for the right to trade 400 shares. I was gross positive by a decent number but didn't make a penny for myself in six months. I guess that's one of the risks you take, but you can't have someone having you sign a disclosure form while "guaranteeing you a fortune" Worldco was just a miserable and shady environment where you had 5% of the people doing well and the other 95% shuttled in and out like cattle. I really think that Walter is runing people's lives with his shpiel. People actually believe his garbage and within a month end up so disillusioned and miserable. It almost cost me my career and my marriage. Thankfully I'm one of the lucky few able to make it out this miserable racket and back into the "respectable" business world from which I came. I've wished fiancial ruin on Walter for many months and I'm glad to see I'm finally getting my wish. I will never be so gullible again. I just feel that when you promise the sun, moon and stars to lure people you shouldn't just f- them and forget them like J Walter Ruin does.
Quote from ronaldo:
while worldco is up for discussion - i thought i should add my .02. I'm one of the suckers who fell for Walter's hubris and it darn near almost ruined my life. Maybe it was naivete or just my own stupidity, not sure what. I gave up a well-paying job as a size-trader and within a few weeks had to plead for the right to trade 400 shares. I was gross positive by a decent number but didn't make a penny for myself in six months. I guess that's one of the risks you take, but you can't have someone having you sign a disclosure form while "guaranteeing you a fortune" Worldco was just a miserable and shady environment where you had 5% of the people doing well and the other 95% shuttled in and out like cattle. I really think that Walter is runing people's lives with his shpiel. People actually believe his garbage and within a month end up so disillusioned and miserable. It almost cost me my career and my marriage. Thankfully I'm one of the lucky few able to make it out this miserable racket and back into the "respectable" business world from which I came. I've wished fiancial ruin on Walter for many months and I'm glad to see I'm finally getting my wish. I will never be so gullible again. I just feel that when you promise the sun, moon and stars to lure people you shouldn't just f- them and forget them like J Walter Ruin does.
So he exaggerates the opportunities. What you described is otherwise just daytrading in 2003!
This is the main problem with the securities industry on ALL levels. There is really no way to verify claims made by people. Not even these days if you happen to be their account. It is rampant, from the retail end, from the guru end, from the institutional end, from the prop firm end. You never know what you are buying until your cash has been taken from you. Moral: dont listen or trust what anyone says. Rely only on your own wits and eyes and ears and keep your money. There is a big difference between losing money to the markets and losing money to the markets while making some else rich in the process.