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Non-Tech : Datek Brokerage $9.95 a trade
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To: gbh who wrote (8175)4/26/1998 12:31:00 PM
From: jawd  Read Replies (1) of 16892
 
>>>Actually, your understanding of [C-3] is completely wrong. <<<

The information I posted came directly from a Datek confirmation.

It says "We [Datek] may have earned a profit..."

I understand those words exactly. I also understand that I am not asking Datek to intervene in my trades and help me make a profit. If I make a losing trade - I expect to lose; and if I make a winning trade I expect to win. I don't expect Datek to be screwing up my winning trades by taking a slice out of the middle, acting on their own behalf and not representing me as my agent for my account and risk.

Datek should simply be acting as our agent but most of the time they are dipping their dirty little fingers into our profits.

Do you think they traded 684,000 Amazon shares in Feb'98 just for the fun of it? With whose money did they purchase those shares? For what purpose? Not to make a profit?

If Datek are trying to make a profit in the market for themselves and we are also are trying to make a profit in the market through Datek, then you have a classic conflict of interest to put it mildly.

It may or may not be illegal (I'm not a lawyer) but I can tell you that as far as I am concerned it is morally repugnant; in other words, it stinks.
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