Loading ...where your cash is,because they are coming for it….I had a very small account at a local brokerage during this time, because I knew the broker .I was unhappy with this local broker and decided to move the account to another local broker.There was one stock in the cash account .I told the receiving broker I was concerned that a market drop might occur before he could receive the stock ..I ordered an acats transfer telling the receiving broker I was going to sell the stock when he received it .He suggested I sell it short the 1000 shares at $28.00 and when the ACATS transfer took place he would cover it with the stock still in transport between brokers. Normally thats not a problem..Problem ..when the market crashed everybody grabbed and froze accounts until they each decided what was in their best interest.The guy that shorted the stock had $28,000 of MY money ,but demanded I put up margin money until he received the stock…I pointed out he shorted the stock at $28 ,its now $11 after the crash ,but he’s got $28,000 cash Whats your Fucking Problem ! I said….you …idiot. The ACATS transfer was basicly in lockdown .nothing was going to give ..just wait till the transfer finalizes…He kept calling and demanding money for no reason,he had the CASH …Finally neither one of these idiot local brokers would co operate with each other.
I finally called a GUY at Smith Barney in NY that had be pestering me for some business,I said look I shorted a stock at this guy ,and have not received the stock from the other guy because they froze everything. If you can force these other two guys to obey the law and do what they are supposed to do I ‘ll give you some business.WELL he did it and that how it got squared away. Ill never do business with Local companies again….NY only for me..
MORAL of the story ,know where your cash is all the time ,dont give in to demands for money when your right.
I didnt owe any of these idiots any money ! It was a cash account.!