That is true, for a Canadian. Your money-trading regs are slightly different for the Gov't there does slightly different financial system as well as more fingers in the cookie jar.
But in this matter, the selective screeing process that e*trade had was frankly illegal and borderline discrinatory.
IMHO, financial checks are nice, as long as everyone follows the same guidebook set by the SEC or whatever firm that regulates trading.
oh yes there are other folks that are doing so Ond losing their asses out on it. But this was a stupid stunt by e*trade's admin to screen people using a selective screening process that was not allowed by the SEC.
And as for the casinos, that's why it's called gambling.. you win some, you lose some. At least with the stock market, you know what their potential is and you do have the option of backing out in a hurry if you wish.
Any stock trader worth his/her salt knows that if he/she reads AND understands the rules of trading established by the stock market, knows that IF a site like e*trade pulls a fast one, that they can file a complaint agianst them and have it investigated.
Also to note that one of the reasons that e*trade had given for the stunt that they pulled was that "we wanted to keep our clients from making bad investments"
Bull.
IF someone wants to put $50K down on XYZ company and the next day it plunges, fine let'em. e*trade had no reason whatsoever to do this in any way shape or form to screen the investors for this IPO reservation in the manner in which they did. There are credit check regs in place, but this was BS and pure idiocy.
BTW, whatever happened to those 200K shares that went missing off of that IPO? e*trade said that there were 600K. RH's IPO reserve said 800K.
oops... big mistake.
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That is true, for a Canadian. Your money-trading regs are slightly different for the Gov't there does slightly different financial system as well as more fingers in the cookie jar.
But in this matter, the selective screeing process that e*trade had was frankly illegal and borderline discrinatory.
IMHO, financial checks are nice, as long as everyone follows the same guidebook set by the SEC or whatever firm that regulates trading.
oh yes there are other folks that are doing so Ond losing their asses out on it. But this was a stupid stunt by e*trade's admin to screen people using a selective screening process that was not allowed by the SEC.
And as for the casinos, that's why it's called gambling.. you win some, you lose some. At least with the stock market, you know what their potential is and you do have the option of backing out in a hurry if you wish.
Any stock trader worth his/her salt knows that if he/she reads AND understands the rules of trading established by the stock market, knows that IF a site like e*trade pulls a fast one, that they can file a complaint agianst them and have it investigated.
Also to note that one of the reasons that e*trade had given for the stunt that they pulled was that "we wanted to keep our clients from making bad investments"
Bull.
IF someone wants to put $50K down on XYZ company and the next day it plunges, fine let'em. e*trade had no reason whatsoever to do this in any way shape or form to screen the investors for this IPO reservation in the manner in which they did. There are credit check regs in place, but this was BS and pure idiocy.
BTW, whatever happened to those 200K shares that went missing off of that IPO? e*trade said that there were 600K. RH's IPO reserve said 800K.
oops... big mistake.