E*Trade (NYSE:ET) Message Board

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Non-Tech : E*Trade (NYSE:ET)

ET 16.71

0.0%

Nov 11 3:59 PM EST

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To: Esway who wrote (13387)	4/27/2000 11:00:00 AM
From: SLSUSMA	Read Replies (1) of 13953

Had the E-Groupies like BWAC and spytrdr put a little thought into the situation and done some homework, they would have realized that Steve is a founder and insider in the company stock he is talking about. That being said, there are probably reasons why he cannot just sell out of his position and cash out his ETrade account. Minor things like insider trading, holding periods, etc. You see, for someone who is a master of SEC, FDIC, and SIPC rules, BWAC doesn't consider all the possibilities and doesn't do his homework before casting the first stone. He naturally assumes that any insider can cash out of a $19 million position in a small company stock and suffer ZERO consequences. Steve's explanation that ETrade might have loaned out the company's stock to short and thus cannot cover is very possible indeed. Imagine the upward pressure those $19 million in shares would generate. Hell, Steven your stock might be worth $40 million! The same mentality has BWAC supporting ETrade without doing further research on his own. This is why he failed to see the fall from $35 to $16 that ETrade suffered. In the words of Mr. T. - "I pity the fool".

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