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E*Trade (NYSE: ET) is a heavily pumped but widely disrespected online broker. E*Trade recently reported unexpectedly good quarterly results. ET now trades at 111 (http://www.earnings.com/fin/erngsDtl.jsp?tckr=ET&eff=2001-02-15&exch=1) times current year estimated earnings, over 6 times the industry norm. SI postings on irregularities, to be polite, at E*Trade, are rife, and the SI community can safely be regarded as authoritative on this topic. In contrast, complaints on eSchwab focus on access problems, not "botched" executions or abusive service. Personally, I would like to short this POS to zero. But not before the summary impact of E*Trade's abuses has been assembled, so that we can properly gauge the nature, magnitude and impact of these possible E*Trade on-line transgressions. Ultimately, regulating agencies and prosecutors may be induced to take the appropriate but overdue action. For now, my conclusions on this obvious pattern of behavior are - my opinion only. If the following well known pattern-of-abuse excuses have been offered to you by E*Trade, you may have been scammed like many others. Report, in COMPLETE detail, please, your experiences here so we can aggressively short this POS into the stone age. Remember, this is the post-Enron era, we are far more likely to get the needed attention with respect to corporate misdeeds! 1) "fast-moving market" (we screwed up your order, a perfectly ordinary result, and we are quite pleased with it, so piss off). 2) "quotes are inaccurate" (we routed your order to maximize our kickback, so what, piss off). 3) "option quotes are not guaranteed by the CBOE" (suprised we heard of the CBOE - aren't we impressive? even though most of our associates cannot spell "option" - piss off). 4) "you signed an agreement to use arbitration" (we can't find the documentation, but you don't know that, and again, piss off). 5) "no other problems have been reported" (we have no idea how many customers have told us this, it is uncountable; but the big lie works every time, and for the last time, piss off). Also in my opinion, it will be of service to the SI community to assemble, compare and contrast, any similar abuses vis-a-vis other on-line brokers (if it can be determined that many have occurred, I'll be surprised - I've found no postings to this effect on SI - and it is precisely the lack thereof which focuses attention on ET!). (mderated forum; we are assembling intelligence on possible conspiracy to commit fraud and other illegal activities, here, please). Best to all, SAF | ||||||||||||||
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