E*TRADE IPO Alert - Y2K and Beyond (EGRP) Message Board

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Technology Stocks : E*TRADE IPO Alert - Y2K and Beyond (EGRP)

ET 16.80

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Dec 5 9:30 AM EST

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To: HiSpeed who wrote (3561)	3/18/2000 11:48:00 AM
From: Jim B	Read Replies (3) of 10270

TO ALL!!! I JUST CALLED ETRADE ANONYMOUSLY! Hispeed has been posting here awhile so I won't even come close to saying he's lying. And I'll start by saying that etrade has a long history of the left hand not knowing what the right hand is doing.. anyway, I called etrade... Here's my conversation as closely to what was said as possible: Me - Hi I'm thinking of joining etrade but I'm concerned about what I just read on the internet. Some person says that etrade is shutting down all accounts in which the same customer with the same ss# has a history of flipping IPOs Etrade - Not true. We allocate per account. If that account flips an IPO within 30days it cannot participate for 60 days but we will not restrict other accounts held by the same customer Me -- So can someone have 10 cash accounts in one ss# if they want and try to get IPOs in all 10? Etrade -- Absolutely! We realize that sometimes families like to open up accounts under one name and use each account for different investing objectives.. yet they all want to participate in IPOs Me -- So you're not allowed to just liquidate assets and close accounts because a customer has a history of flipping IPOs Etrade -- Absolutely not. That would be wrong. Me -- So I can open up 5 accounts in my name and try to get IPOs in each one? As a shareholder of Etrade I would hope that people want to open multiple accounts. Account growth is a big part of this business Etrade -- That's right. We want to see people open up lots of accounts Me -- So there's been no new changes in the Etrade IPO policy and no one should worry about their accounts being closed for this reason? Etrade -- No. This person probably did something else to justify having their accounts closed (assuming they are telling the truth). Me -- okay, thank you. I guess I'll be sending in some applications very soon. Thanks for clearing up that issue. -------------- Now of course, if I call back and talk to someone else it might be different. I would encourage others to call today ANONYMOUSLY!! You don't want to draw attention to your accounts if you don't have to! Play stupid and then come back and report here just like I just did. If they do tell you it's been changed argue it big time! Tell them that as a shareholder you demand that nothing be done to LIMIT account growth at etrade. They should NOT be closing accounts for IPO flippers. If they must, they should limit the IPO allocations one PER ACCOUNT TYPE, PER SS#. Otherwise, it's fine just the way it is. Etrade stock is finally moving up and I'd hate to see them shoot themselves by pulling a stunt like Hispeed is claiming. I pray it's not true or that there's more to the story. Maybe etrade is telling him that's why he's being closed out but maybe there's another reason that they haven't told him. Maybe it's just a mistake or a misunderstanding on his part. I don't know, but I hope I dont have to go through it. Because if I do, I'll close ALL my accounts.. including the one that does 3,000 stock trades PER YEAR and go find someone else to use. Hope this helps! What a scare this is! jim Etrade -- Nope.

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