I want to share with you all the conversation I had today with a TDAmeritrade Agent. I wish I had recorded it, but I did not expect to hear what I always believed to be happening behind the scenes with brokers.
Here is how the conversation went:
SM: Hello, I called you to ask why FINRA halted trading on our MMTLP stock today?
TDA Agent: Well as you are aware FINRA halted the trading because all you retail investors put very high (astronomical) sell price orders to sell your MMTLP shares to the shorts.
SM: So what? What rule or law did we break? Since your online system allowed us to put 5 times the current price who says its not allowed?
TDA Agent: Thats not the point, you guys are greedy as heck and trying to make lots and lots of money for yourself. We can not allow this.
SM: Wait a minute who the FK are you guys to tell us how much money we can make trading stocks. Why do you think we buy stocks?
Do you expect us to buy stocks to lose money? Would you buy a stock to lose money?
TDA Agent: No, offcourse not you buy stocks to make money. But our partners (MMs/HFs) can not afford to pay you guys millions of dollars for a handfull of MMTLP shares during a short squeeze. We have a business relationship with these MMs/HFs and we cannot let you walk away with millions of dollars. It would break our business relationship.
SM: OH I see, your partners the MMs and HFs will decide how much money we are allowed to make. You are saying its OK for MM/HFs to Naked Short our stock to oblivion/death and reduce our stock prices using Naked Shorting with high speed computers and drive the small fragile companies to bankruptcy. But GOD forbid if we bankrupt these MF HFs/MMs like Shitadel/Virtu/Susquehanna using their own tools to destroy them back with. You know what, why dont you tell your partners (HFs/MMs) to stop shorting our stocks that way they wont have to worry about infinite risk later like today. When the time comes to close these fraudulent Short positions and a major short squeeze happens.
TDA Agent: Even if FINRA decides to lift the halt on the MMTLP stock we will decide if you can continue to trade (sell) your shares in the market. Its too risky for us to allow you to sell your shares to the shorts so we might disable the SELL button here at TDA on this MMTLP stock.
SM: Let me get this straight, you are telling me that even if FINRA gives you orders to resume trading on MMTLP you will do the opposite and not allow us your clients to sell their MMTLP shares to the shorts who want to close their short positions. Where does it say you have that kind authority to disable our trading to close our long position in MMTLP stock?
TDA Agent: Well when you first opened your account with us you signed away your right to give us the authority to disable your trading capability. If we find it is too risky for us to allow you to sell your MMTLP stock we will stop you by taking away the SELL button. Like it is now. Irrespective what the FINRA and DTCC tells us to do. We can not afford to let you sell your shares at astronomical prices. The kind of prices you guys put on your sell orders today.
SM: So who is controling the limit of the sell price? Is it not configured into your system by your management. Why dont you limit your system not to allow trading at astronomical prices? I believe you have setup your web page to only allow 5X the current stock prices for the maximum sell price. I know because I tried to put a sell order for 6X and the order was rejected by your system. So why are you going to take away the SELL button?
TDA Agent: We can not control the highest price limit because all the computers in the market are programed to close short positions when shorts are forced to close. We can not limit the maximum price the stock can reach during a short squeeze.
SM: So you going to blame us for puting high limit in the sell order when its your system that allows us to enter the order. Its your problem not ours and you should not penalize us for loopholes and mistakes that exist in your system. The fact that you or SEC allow HFs to open billions of Naked Short positions that is considered illegal by congress is proof you guys dont know what you are doing as broker or SEC officials. If you dont want us to sell at astronomical prices tell your MF shorting partners (HFs/MMS) to stop shorting and ladder attacking our stocks with these Naked Short Attacks. In conclusion, you are saying Its OK for your MM/HF to get greedy and manipulate our stocks and steal from us the little guys retail investors but GOD forbid we the little guys get the big money back from the same people stealing from us for the past 30 years using their shorting system against us. The Citadel/Virtue/Susquehana and KG/GG all need to be shut down and their managers thrown in prison. IMHO.
I think I am done talking to you about this travesty of justice that took place today.
TDA Agent: OK fine I agree with a lot of what you said if we dont want to have this problem in the future people should not be opening shorting positions of vairous types.
I will put together a report of what you said and present it to my managers. BTW, can I close your long position of MMTLP with this report?
SM: Absolutely not. You touch my MMTLP stock and I will sue you and TDA big time. I do not want anybody messing with my MMTLP shares. I worked very hard to get them. I will sell them at my own time and chosing based on what I am willing to get from the market. Nobody but me will close these MMTLP long shares. If I can not get the price I want I will hold them and ride them into the private NextBridge shares conversion. You are not to touch my shares under any circumstance. Do you understand that?
TDA Agent: Yes, fine thank you. I need to go to help another customer. So have a good night.
SM: Good night it was a pleasure talking with you to find out how you guys at TDA think and see today's situation. Good Bye.
