See what AG and Rubin have done to "save" Wall Street speculators! As long as this student is able to safeguard his money without losing (forget winning, in which case every one lives happily ever after!) no need to blame GreenSpam. But when more and more stories like this surface with millions of dollars of losses to show, who should be blamed? GreenSpam, of course. As a guardian of economy, he has an obligation to maintain balance towards competing asset classes. A favorable tilt towards one will, without doubt, produce devastating results.
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Students Use School-Loan Money to Trade Stocks
<< In January, Wayne Lee, a graduate business student at Virginia Commonwealth University in Richmond, opened an Internet brokerage account with Waterhouse Securities with $4,000. He was hoping to pay his tuition and school expenses with savvy investments in technology stocks.
Now, every evening after school, Lee taps into his online account from his desktop computer to check the market. He makes one or two trades a week.
Lee isn't your typical Internet trader, however. His capital hasn't come from savings or a rich uncle -- but from the federal government's student loan program. Most recently, Lee borrowed $7,700 for the spring semester and, after paying his tuition, added the rest, about $5,300, to his brokerage account.
Like many of the 6.4 million investors who now buy and sell stocks through a Web site, Lee, so far, has benefited from a rising market. He bought about $830 worth of E*Trade Group Inc. shares on Jan. 26, for example, and sold it on March 10 for a $600 profit. His account is now worth about $20,000.
''If I can make a 50 percent return by investing my loan money, why should I put my money into the bank?'' asks Lee. ''I don't understand why more people aren't doing it.'' >>
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