E*Trades email about its lousy IPO allocations!!!!Date: 99-11-30 13:48:07 EST
From: cdunbar@etrade.com (Cassandra Dunbar)
To:
Dear Mr.
I am writing on behalf of Kathy Levinson in response to your recent email,
regarding our IPO allocation process. I hope that the following
information.
I would first like to "thank you" for your comments and suggestions
regarding our IPO allocation process. Offering IPOs is a fairly new process
for us; therefore, as we began offering more IPOs we found ways that we
could improve this service. Once such improvement was changing the
allocation process from "first come, first serve" to random allocation.
E*TRADE's goal is to bring IPOs to the common retail investor. What we
found when allocating shares on a "first come, first serve" basis, was the
individuals had developed ways to receive advance notification. We felt
that this was neither fair, nor was it equitable among our customer base.
As a result, we changed the allocation process from "first come, first
serve" to random allocation. With random allocation E*TRADE will generally
accept Conditional Offers in all public offerings for at least two hours,
longer when the number of shares available allows. Shares will generally be
randomly allocated among interested customers after a review of applicants'
holding records in prior public offerings, and subject to
priority allocation for Power E*TRADE Platinum customers.
Currently, we feel that our allocation process is successful, if our
customers are able to participate in one or more IPOs per year. As we
expand our customer base, we hope to be allocated more shares so that we can
in turn allocate more shares to our customers. I am not familiar with the
allocation methods used by other brokerage firms; therefore, I am unable to
comment on this.
I hope that you find this information useful. If you have any further
questions or comments, please feel free to contact me back.
I thank you for choosing E*Trade. We are confident we will continue to
provide you with investment services that meet or exceed your expectations.
We look forward to a mutually beneficial business relationship and wish you
success with your future investments.
Sincerely,
Cassie Dunbar
E*TRADE SECURITIES
-----Original Message-----
From: Kathy Levinson
Sent: Tuesday, November 23, 1999 6:27 AM
To: Cassandra Dunbar; Suzi White; Lee Ruffino
Cc: Steven King; Ninette Hereford; Gary Routt
Subject: FW: Etrade IPO's are a joke
please repsond to this customer.
thx
kathy
-----Original Message-----
Sent: Monday, November 22, 1999 9:15 PM
To: klevinson@etrade.com; lpurkis@etrade.com; ccotsakos@etrade.com
Subject: Etrade IPO's are a joke
It is time to change the way etrade handles IPO's
Either go back to first come first serve or start losing customers!
These IPO's are causing many to lose quality time with families & missing
dinner
just to watch the web site for an IOI or re-IOI
After I opened my account I had family and friends open many accounts.
Now they are all mad and ready to close the accounts.
You can call if you want but you are to late I'm leaving etrade & I'm taking
others with me.
Thank you
</XMP>
----------------------- Headers --------------------------------
Return-Path: <cdunbar@etrade.com>
Received: from rly-yd02.mx.aol.com (rly-yd02.mail.aol.com [172.18.150.2]) by air-yd01.mail.aol.com (vx) with ESMTP; Tue, 30 Nov 1999 13:48:07 -0500
Received: from mx2.etrade.com (mx2.etrade.com [205.226.152.11]) by rly-yd02.mx.aol.com (v65.4) with ESMTP; Tue, 30 Nov 1999 13:47:48 -0500
Received: from g4ntex2.etrade.com (g4ntex2.etrade.com [10.68.40.91])
by mx2.etrade.com (8.9.1/8.9.1) with ESMTP id KAA00514
for ; Tue, 30 Nov 1999 10:47:46 -0800 (PST)
Received: by g4ntex2.etrade.com with Internet Mail Service (5.5.2448.0)
id <XH2FBN0Z>; Tue, 30 Nov 1999 10:51:29 -0800
Message-ID: <61F4B175E359D11199CD006097780C8E037D9D3E@w1ntex1.etrade.com>
From: Cassandra Dunbar <cdunbar@etrade.com>
To:
Subject: FW: Etrade IPO's are a joke
Date: Tue, 30 Nov 1999 10:47:44 -0800
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2448.0)
Content-Type: text/plain;
charset="iso-8859-1" |
