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That is a wonderful comment and observation, but it has nothing to do with
Vic's suit against the CME. The exchange has an obligation to maintain a
"fair and orderly" market or halt trading. Vic had short premium position
on the CME and the CBOE and his trade was allegedly botched on the CME. If
you examine trading activity at that point in time on how the floor handled
his trade .... remember the floors closed the day before when circuit
breakers were hit. He was left short premium in a market with no market....
the question then becomes was trading at the opening .. the next day when
they reopened .. orderly given the information of his need to liquidate was
in the market from the night before.
-----Original Message-----
From: jer3cube@xxxxxxx [mailto:jer3cube@xxxxxxx]
Sent: Monday, May 07, 2001 4:49 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] WOW! Niederhoffer move was >EL Wave / Voodoo
In a message dated 5/7/01 9:12:29 AM Eastern Daylight Time,
AJacobson@xxxxxxxxxxxxxx writes:
People can not be protected from their own GREED.
My read is that he was in trouble from the devaluation
of the Baht which was not supposed to happen. Morgan
Stanley had floated a Look Like a U.S. Govt bonds using
Strips for the first three years to generate the interest payments.
The later exachange related short sale problems appears to be a
deparate effort to generate cash to keep the now depleted trading
account afloat. Sold to him by the same "savvy" Morgan
Stanley guys.
Hedge funds are deemed to be knowledgable. His suit against
the exchange is likely and "offset" to suits he has from
clients. The exchange appears to have deep pockets, so why
not?
My guess is that it is without merit. You wonder if this
trader has completed his education or will continue to
gamble with OPM.
Best,
Gerryb/jer33:3
eccl1:9
>
> 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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