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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: IceShark who wrote (59901)	5/20/1999 11:53:00 AM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

Ice, these stories are less common today, but they still happen. I even had one happen to me that is somewhat less dramatic, but still indicative of how ignorant early option traders were. I bought RCA when it still existed independently for $9 3/4 and sold a nine month $10 call against it for $2 3/4. The co. also paid a dividend of 6% at the time, so I considered this a fantastic deal. However, it got even better. The stock rose to 10 7/8 two weeks later and I got exercised on the calls. I asked my broker to get the name of the guy on the other side of that trade, as I wanted to trade with him exclusively in the future. <g> I couldn't believe the guy didn't know he could sell the calls for $3 1/2. He left $2 5/8 on the table and his broker didn't warn him about it. Double dummies.