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Non-Tech : Waterhouse Securities
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To: Timelord who wrote (225)11/24/1997 12:03:00 PM
From: John M. Hammer   of 2076
 
Alex,

Thanks for the suggestion. I haven't spoken to the branch manager, but I did speak to yet another rep at the local office this morning. He said he'd check on it and get back to me. He DID call me back just a few minutes later and explained that the money has not been swept because it is cash for the margin requirement on my short puts.

I told him that, prior to about two weeks ago, all the cash had been swept into the money market regardless of my put positions, and that every other broker I have used (and still use) pays interest on the cash generated by and backing up short puts. He said that he was only passing on to me what had been explained to him, and that he had no ability to do anything about my situation except pass on my concern to someone else.

So, I guess I'll call the branch manager tomorrow...

Best wishes,
John
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