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To: Dale Baker who wrote (16837)	3/16/2000 4:32:00 PM
From: Steeliejim	Read Replies (2) \| Respond to of 118717

Hi Dale, gang, It's been awhile. I've been having a very good year--not as good as Richard and a couple of others though. Had a disaster with DIR this week that you all should be interested in if you are active traders. BTW Richard did you get your 100$ BNBN cert. for joining me up with DIR? Finally got mine. Real irony there as I'll soon explain. DIR's system has been having troubles for the past couple of weeks--can't handle all the new business Richard has brought in <<vw ironic g>>. I actually had one of my best weeks of the year last week--down the drain and much more this week due to DIR system breakdowns, lack of disclosure, and excessive phone wait times. I tried to do an overnight trade on SCON on the AT news Mon. Thought there was a reasonable chance for a multi-day run, and would stay right on top if my guess was wrong. I got in ok, but when I tried to get out pre-market the next AM (It was clear I had guessed wrong), the system wouldn't recognize my position and wouldn't let me sell. Turns out the Pershing MM mainframe had a meltdown and had no record of the previous day's buy even though it showed up in my balances. The following is what I posted on Yahoo just now after I closed my account. I am posting this as a big "beware" for active traders. You can make the right decisions, but if the system won't execute your orders, you are left with a big exposure on a volatile stock. I am still well ahead of last year and it's not $$$ I cannot afford to lose, but unless there is some consequences for the online brokers for the lack of adequate and timely disclosure, we are all at risk. Thanks in advance for indulging me Dale. I've missed you all. Jim PS--Any thoughts out there on OLB's with reliability and timeliness--PLUS timely, adequate disclosure when problems do occur? And, if I have multiple brokers, can I sell out of a position that is in "street name" with one broker, from a different broker if the one which holds the shares has a system failure? <<Subj: I just closed my account By: steliejim Date: 3/16/00 3:59 pm I had a real--not paper loss of $41,000 due to DIR screwups and lack of disclosure of the nature of their problems. I posted here the other day saying that I would wait to see what DIR would do to take responsibility for the system not only being down but also providing misleading and inaccurate information--as well as not providing a responsive, timely backup to their broken system. I had a nice long talk with a supervisor yesterday and was almost convinced that it was my fault that my account was screwed up and I could not trade out of a ST position. He said mutiple times that I am a good customer and DIR does not want to lose my business. I actually was going to just try to continue to work with DIR--he seemed like a nice earnest fellow--until today when I tried to sell the position after deciding that it probably wasn't going anywhere for awhile. I was able to sell part of it, but when the price dropped and I put in a "change" order for the balance (well below the "bid"), the new order did not show up in the "Order Status." I tried again immediately. The same thing happened. I immediately called rather than keep trying--and I held for 45 minutes. Much better than the 95 minutes Tues--he wrote sarcastically. BTW the new message takes much longer than the old to lead you through the prompts and ironically starts off with the words, "Our reputation is online"--the only change I could tell. I led the rep, then the supervisor, through what had happened. The stock dropped another 5 points in the meantime--this time I sold. The supervisor, called back after "researching" the problem, called back, and said "We found nothing wrong with our system this morning, and unfortunately we cannot compensate you for the difference between the time you tried to sell and the time you reached us." There was nothing wrong with my system either and I have the proof that I was in DIR's system, tried to sell my entire position and tried to sell the remainder. Fortunately this is not money that I cannot afford to be without while I take formal action. I pity others in less fortunate positions who had depended on DIR reliability. Ironically, it almost would be better if DIR was screwed up more often, because one would know better than to trust them. I had actually posted on the SCH board over my good success up until recently with DIR. DIR obviously does not care about their customers, or their responsibilites. I'd be willing to bet that their risk management folk figure that DIR's reputation, up until recently, and their advertising--along with a sypathetic press that gets a lot of their advertising will outweigh the loss of the customers willing to put up with the pain of finding and switching brokers and the potential monetary damages from the formal action with the SEC and/or lawyers. reputation. As I told the supervisor before I hung up, I am willing and committed to what I can to make the public aware of the pain (It's been emotionally draining too), loss, and risks of trading with DIR. Consider this the first step. The online brokers apparently don't feel they have to bear responsibility or consequences for breakdowns and inadequate disclosure. I am going to do my best to change that. In the meantime, I have to find a new broker. I don't mind reasonable commissions. What I have a right to expect, do all traders, is reasonable reliability, responsiveness by phone and FULL, TIMELY, disclosure when a problem does occur so traders can minimize exposure.