Who else can verify the Schwab screwup?
It's possible that this is a fish story being made-up to explain-away the price weakness today.
If there WAS a Schwab screwup, their clients will be responsible for any improperly-sold shares. Any reasonable person would know that they didn't get something for nothing, and, IMO, deserves any loss they incur as a result of their greed. The law, BTW, agrees with my opinion.
Schwab might be responsible if somebody innocently called-up and said "sell all my ZULU" without realizing that the split had been improperly-posted. And they might accomodate customers who might have been confused, in order to retain them as customers.
But somebody who had, say, 10,000 shares and then called up and sold, say 50,000 shares after the reverse-split - knowing full well that they now hold only 1,000 shares, is going to get what they deserve.
Sure, there was a tremendous incentive for abuse here. But it's no more excuse than "but the keys were in the car, your honor!" |
