I agree with you. Whether or not it's from a cash account or margin account doesn't matter when it comes to a trade settling. Margin only allows the client to trade without cleared funds and as you said they pay a small fee for the privilege.
Regardless they are guaranteeing us that they have located the shares we bought the instant they are posted to our accounts. If they are playing games they should be severely reprimanded for this behavior and divy deals like what we are in the middle of here is exactly how any shady deals can get smoked out.
IMO the problem falls squarely on the shoulders of the SEC. They ARE NOT enforcing the rules as they are written and this is a travesty.
Hopefully we see some MAJOR reform and reorganization from within the SEC in the way they regulate the markets but unfortunately until this happens it will continue to be a problem.
I don't think anyone is going to get screwed out of their shares but it may take a little longer for all shareholders to receive them. If I was trading with one of these brokerages that is having issues dealing with this deal I would drop them like a hot rock!!!!!! I think that many here need to visit this and think long and hard about who is handling their money for them. It is utterly ridiculous that some of the things I see being posted here are happening. The best way to get these places to shape up is to hit them where it hurts....right smack dab on their bottom line. I don't think E Trade would be very happy if hundreds, perhaps thousands of people dropped them and went to another broker and I think that is exactly what people should do.
I transferred shares from a previous broker I used to Scottrade and the process could not have been easier for me and I have been totally happy with their service. I am also going to open a trading account with MyTrack. I hear nothing but good things about them and I already use them for my level 2 feed and it's great. You can route your trades to whatever MM you want to with them amongst an assortment of other whistles and bells that they offer and their prices are extremely competitive.
"Sort of" is such a harmless thing to say. "Sort of". It's just a filler. "Sort of" - It doesn't really mean anything. But after certain things, "sort of" means everything. Like after "I love you" or "You're going to live" or "It's a boy".
AI
