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Pastimes : ETRADE Sucks! -- Ignore unavailable to you. Want to Upgrade?

To: OFW who wrote (1922)	3/22/1999 2:11:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 3262

My assets have been frozen by E-trade. I want to get this warning out. Etrade certainly doesn't try to make it very well-known. The portfolio that I run as the VSN Fund at my web site valuestocks.net has been frozen, legally. I just attempted to switch that portfolio from Citibank to E-trade. I have accounts in both places. Citibank, upon getting the notice from E-trade, cancels my account. E-trade says the securities won't be present on their end for a week or two! So I can't trade in or out of any of my positions. And this is when I already have an open account on the receiving end. I've been investing for 8 years and never experienced this before. Part of me says thankfully I'm a value investor/long-term holder. I don't think too much damage can be done by me not trading it for a week (except those volatile Brazil positions, which I was evaluating today when I found out the assets weren't there) or probably even a year. In fact, it might be for the best. But ethically I feel this is reprehensible. If this is to happen, E-trade should have it way up in bold somewhere. If I were a 1-2 day trader, I'd be suing. Well, I have accounts at Schwab, NDB. Looks like I'll attempt to consoldidate at NDB next. Good investing, Michael Burry