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Facts:
1.There is a problem at LFG
2.LFG is reportedly well capitalized per the last statement I saw
3.Regulators have been there and permitted them to stay open
4.A $10,000,000 trading loss is not uncommon for large firms
5.Segregated accounts do matter because they can be transferred to other firms
6.LFG is the largest electronic broker and a target for competitor rumors
I personally do not care what happens here at LFG but a lot of what I am reading is hard to swallow.
Regards,
John
------------------ Reply Separator --------------------
Originally From: "Peter Kiefer" <xet73@xxxxxxxxxxxxxx>
Subject: Re: Alert:LFG
Date: 10/16/1998 12:53pm
well segregated accounts don't mean much in a bankruptcy - especially
if you want access right away.
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: From: TWA7663@xxxxxxx
: To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
: Subject: Alert:LFG
: Date: 15 October 1998 16:32
:
: I have an account with LFG. I called my broker. He said that that the
: problem was with some proprietary accounts that lost huge amounts over
the
: week end and that the problem had been resolved and business was as
usual.
:
: He also confirmed that my money was in a specific account in my name and
if
: LFG went bankrupt that money could not be touched by anyone but me. Can
: anyone confirm this or was he just BSing me?
:
: Russ
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