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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (59872)	5/19/1999 9:15:00 PM
From: IceShark	Read Replies (1) of 132070

My favorite is the trader at a top flight insurance co. who bought 1000 shares of stock and "covered" it by selling 1000 calls. He, he he. McMillan tells a story about a guy that owned 1,500 shares of UAL at the time the buyout deal was whipping around. He called his broker in the morning and told him to buy 1,500 put contracts at market. That was mistake 1 and 2. The broker was shocked but this was a big investor so he didn't question it and put in the order. Mistake 3. They were filled for 12 bucks per. By the time the guy got his confirm notice and could see what he had done the contracts were at a couple bucks. Gulp! Goodbye 1.5 mill. -g-

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