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Politics : Ask Michael Burke
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To: lindend who wrote (62928)6/22/1999 11:51:00 AM
From: Knighty Tin  Read Replies (1) of 132070
 
Linden, Your Schwab broker's nose must be longer than a Spike Lee movie. <g> I receive interest all the time on short sales. There is no question that somebody gets the interest on the cash generated from the stocks you sell short. In the case of Schwab, they have simply decided to steal it all. They are not required to pay it. All such deals, including commissions, are negotiable. However, I do find it contemptible that they are negotiating by lying to you. They should just say, "you are not important enough for us to care about paying you a rebate."

As I said in a letter to Barron's three years ago, getting a good short sale rebate is one of the toughest tasks there is for an individual. The best rebates tend to come from those firms with the largest vaults of stocks: Merrill Lynch and DLJ. Aufhauser, before it became Ameritrade, used to clear DLJ and they paid the best rebate of the discounters. Unfortunately, that disappeared when Ameritrade was formed.
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