This is pretty good--"Day-trading exec lashes out at Senate panel"
cbs.marketwatch.com
**snip**
Houtkin questioned the panel's emphasis on trader profitability, arguing that major brokerages and online trading firms aren't held to the same scrutiny.
"When was the last time Merrill Lynch did a survey on how much money their customers made, or Dean Witter, or PaineWebber ..." Houtkin asked.
Meanwhile, the panel has ignored online trading firms, such as E-Trade (EGRP: news, msgs), Waterhouse [s; twe], Ameritrade (AMTD: news, msgs), Donaldson Lufkin & Jenrette (DLJ: news, msgs), which have thousands of clients who engage in day trading, Houtkin charged.
"These are the people who tell me at E-trade that if I open up an account I'll have money coming out of the wazoo," he said, referring to a popular television commercial for the brokerage
**end snip** |
