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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: gbh who wrote (8175)	4/26/1998 12:31:00 PM
From: jawd	Read Replies (1) \| Respond to of 16892

>>>Actually, your understanding of [C-3] is completely wrong. <<< The information I posted came directly from a Datek confirmation. It says "We [Datek] may have earned a profit..." I understand those words exactly. I also understand that I am not asking Datek to intervene in my trades and help me make a profit. If I make a losing trade - I expect to lose; and if I make a winning trade I expect to win. I don't expect Datek to be screwing up my winning trades by taking a slice out of the middle, acting on their own behalf and not representing me as my agent for my account and risk. Datek should simply be acting as our agent but most of the time they are dipping their dirty little fingers into our profits. Do you think they traded 684,000 Amazon shares in Feb'98 just for the fun of it? With whose money did they purchase those shares? For what purpose? Not to make a profit? If Datek are trying to make a profit in the market for themselves and we are also are trying to make a profit in the market through Datek, then you have a classic conflict of interest to put it mildly. It may or may not be illegal (I'm not a lawyer) but I can tell you that as far as I am concerned it is morally repugnant; in other words, it stinks.

To: gbh who wrote (8175)	4/26/1998 12:57:00 PM
From: jawd	Respond to of 16892

The mysterious cancelled order that suddenly gets executed. =========================================================== Numerous individuals on SI have complained that when trying to cancel a Datek order that is slow to execute, suddenly on seeking a cancellation, the order is executed. That only makes sense if Datek are messing around with our initial order, buying and selling, scalping to make a profit until they are good and ready to pass the ball back to you. However, when you try to cancel, (Datek's interpretation: "gimme the ball or I'm not playing,") then they actually have no choice but to quit making money at our expense and give you the order you asked for - otherwise, they end up carrying a real risk because if they let you cancel, there will be no patsy to take it off their hands.