MNYC, I think you misunderstand my stance. I am not saying ST should raid your accounts. I can understand that they did based on selling short rules, but I am not saying that is right. I think they are trying to recoup whatever they can, however they can. What I think is wrong, is they are holding you guys accountable, but have they taken responsibility themselves? I don't think they have.
As I stated, I think if they thought they could win, they would come after more from you guys if the $ in the account did not satisfy covering the shortage. According to you, they have not done that. I think that tells you that they are not absolute of blame. Also, the threat of a huge lawsuit keeps you from filing arbitration. It is obvious they don't want you to do that. I am not saying that you should file, because there obviously would be a huge risk and legal fees involved, but they may not want that either.
My point is that I agree with you, that they should not be absolute of blame, and they should resolve the position as stated per some posters regarding the dismissal agreement, or the MM's should force a buy-in. My EIGH experience was to show how my broker didn't care to sell my position to get their money, and ST came and got your $. Why should the broker be able to go by different rules?
If you don't mind me asking, did they treat verycareful the same as you? I understand if you would rather not say, and I wish you the best. It is amazing how a few minutes can have such reprecussions.
