TD Waterhouse's utterly predictable problems
D.B. JOHNSON/Los Angeles Times Syndicate
"Reading the article on the problems experienced by discount broker TD Waterhouse (TD Waterhouse Blames Slow Regulators For Service Delays-Jan.27), my heart went out to its president,John See."
"How could he be faulted for not knowing securities regulations and their impact on trading? Or that it would take time to train and license new help? And who could possibly have anticipated that the technical difficulties that have plagued this unfortunate firm for years would be exacerbated by a huge increase in volume?"
"All of these difficulties were completely unforeseeable and could never have been anticipated by any business plan. Surely, their expecatation lay far beyond the ability of a simple Canadian banker."
"The concept of accepting new accounts only when one is able to actually service them is obviously foreign to Mr. See's management style. You'll notice that he is not offering to waive fees (already double those of his American brethren) for his dismal trades, but is quite happy to rake in windfall profits while blaming the government for his clients' difficulties."
"There is neither time nor space to deal with lousy corporate morale, evident on almost every client call; the wretched executions, which cost customers thousands in hidden payments; or the stupid, inefficient Web site, which looks like it was designed buy a committee from the Law Society of Upper Canada."
"Having dealt with numerous discount houses, I have news for Mr. See: He povides without question the most poorly designed, laziest, most arrogant service I have ever encountered. What's next? A trading subsidy from the federal government? Or maybe a manager who has the guts to take responsibility?"
JON WATTS,Yankeetown,Fla. |
