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In case you missed it, here is the entirety of Datek's response ...
A STATEMENT FROM DATEK ONLINE HOLDINGS CORP. REGARDING MAY 10TH NEW YORK
TIMES ARTICLE
Iselin, NJ, May 9, 1998 -- In response to a May 10th article in The New
York Times, Datek Online Holdings Corp. offered the following, which will
serve as its sole comment.
Datek Online, a new venture established in 1996, was formed to empower
individual investors through the use of innovative technology. In February
of 1998, Datek Online Holdings Corp. was established as a separate
corporation, and Jeffrey Citron was appointed CEO.
The New York Times noted that under Jeffrey Citron's leadership as CEO of
Datek Online Holdings Corp., "Mr. Citron has tightened management controls,
outlawed many trading practices, hired a major accounting firm and recently
completed a spinoff of the firm's trading unit {sold to Heartland
Securities}, the center of most of the questioned practices." Early this
year, Datek Online Holdings Corp. added several new members to its
management team, including a new Chief Financial Officer, Chief Compliance
Officer and Vice President of Customer Support.
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Did I miss something? I can't believe that this is ALL Datek is going to
say to the NY Time's subtle accusation that since Citron has some
direct/indirect relationship with Brennan and Maschler that he and Datek
must also be involved in some kind of financial shenanigans. Disappointing,
for a firm that claims to be on the cutting edge of the Wall Street
revolution.
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