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Microcap & Penny Stocks : Bid.com International (BIDS)
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To: mccowaner who wrote (24965)4/23/1999 1:24:00 PM
From: Lola  Read Replies (2) of 37507
 
Most Canadian bank managers are pretty clueless about investments. I had a similar experience to what alot of the BIDS shareholders are going through but with a bit of a twist.

Five years ago I borrowed $10,000 from my bank for an RRSP contribution. They approved my loan, set up my investment account and allowed me to make trades on it.

The next day the bank manager called me and said that they had made a mistake allowing me to open a self directed RRSP and that I had to sell my holdings and put the money in a bank managed mutual fund. I said I didn't want to own a mutual fund. They said they wanted their money back then.

Fortunately, I had made a very wise trade my first day in the market and I was up 300% in one day. I told the bank I would give them their money back instead of putting it in the mutual fund and that they would just have to wait for my trade to clear. Hesitantly they agreed, they actually wanted to reverse my 300% gain trade. I gave them their $10K and kept the $20K profit. Not bad for one day considering the money wasn't even mine and I paid no interest on it.

Last year, I borrowed another $15K from the bank and they insisted again I put it in their mutual fund. I did and they lost 80% of my money. Canadian banks and brokerage houses suck. I am now with an Internet bank.

Watch those same creepy banks will be lined up to buy BIDS at cheap prices and brag about their investment savvy when they get a 15% annual return.

Lola:(
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