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janice, how come the brokerages kept selling BCIT

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janice shell Member Level  Thursday, 06/05/14 01:20:40 PM
Re: nwsun post# 156226
Post # of 159439 
janice, how come the brokerages kept selling BCIT when the DTCC stopped clearing the transactions on Aug 11, 2005?

We've been there before. Back then, the brokerages didn't take DTC as seriously as they do now. They should have, but they didn't. Even today, different brokerages take different attitudes toward chilled stocks. Generally speaking, global locks are treated more seriously.

Those actions by the brokerages were deliberate without regard to the harm they would cause their clients.

You give them WAY too much credit. People tend to think "their" stock is somehow of such importance that brokerages know everything about it, and are watching its every move. In reality, every brokerage trades tens of thousands--maybe hundreds of thousands--of securities of all kinds: stocks, bonds, options, futures and so on. They aren't tracking every one of them.

In the case of BCIT, they were careless and slow to react. Nothing more.

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