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----- Original Message -----
From: "Sean O'Toole" <otooleco@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, May 04, 2001 2:00 PM
Subject: RE: [RT] WOW! Niederhoffer move waz >EL Wave / Voodoo
> Mark,
>
> If we are to assign blame to others in this case, we should really be
> looking at Refco too. The CME called Refco for margin, not Victor. They
> had to know they were killing the goose by forcing his hand. Perhaps they
> should have leant him the dollars to meet the call. Either way, he was
> playing too big for his bankroll and if anyone knew what the exchanges are
> capable of, it was Victor.
>
> Sean,
The floor traders love to get some big trader into a position of forced
liquidation. Just think of the great fills available while the cooked goose
is deparately exiting positions.
Cheers,
Norman
>
> > i like and admire the man and belive that he did everything right -
> > except his outlook or lack of it for a catastrophe. he was a victim of
> > a little known rule that says the exchanges can increase upon demand
> > margins and make them retroactive. by the time they figured out he
> > was in trouble he was no longer in trouble. but they went back and
> > made him pay anyway. essentially the exchanges stole from hard working
> > people - their money because of a technically. like saying oh you sob
> > you almost killed me with that (whatever scenario) now i'm going to
> > justifiably hunt your ass down and kill you and your whole tribe of
> > investors.
> >
>
>
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