Hi! Italiana,
I called ETRADE this afternoon and I had to wait 90 minutes to get through! I was told that if someone oversells a stock, he has three days to decide what to do with it. One option is to donate it. Actually I do not understand what it means by "donating" a stock. The second option is to convert it to a "Sell Short" order. Since I do not have an Options account with ETRADE, so I thought I could not sell short. As I found out today, "selling short" is different from trading options. If one has an margin account, he/she can sell short. In my case, I never intended to sell short. I just got "oversold".
I bought back the shares at 3 points lower, so I expect to have made some money out of this. So far my tax record still does NOT show it. I was told today that it may appear after tonight. This stock does NOT show up in my account anymore, however, it still shows up in my portfolio. I was told I could remove it if I want since it does not actually affect my account positions.
It has been very difficult to contact ETRADE customer service. I had to call them three times and spent a total of three and half an hour waiting to get through. I e-mailed them a couple of days ago and I have NOT heard anything back so far. I believe ETRADE has a lot of potentials, however, right now it's full of problems.
Thanks again for your message. It's nice for people to share their problems and solutions here.
Good luck with all your investments!
Jma |
