Another story from the NakedCity; free lunch, debt, gimme-gimme,
sitting on top o'the world, etc. From the Yahoo stock message Boreds,
(which tend to be composed of scammers/screamers, et al.), but this
one sounds legit. And, hard to make this stuff up, if it isn't. ...
There is a lesson here, people...Edit: the BSC is BearStearns
GL,mD

"I am DEVASTATED! Lost $357K on BSC! I 18-Mar-08 04:04 pm
I started trading years ago, just casually, buying stocks here and there on momentum. I got really good and managed to get my account up to $90K at the start of winter, 2007. I felt like I was at the top of the world because I never had so much money.My TD Ameritrade account was leveraged 4:1, which basically gave me $360K of buying power. When I saw BSC go to $30 share on Friday I was so convinced it was a bargain and decided to buy 12,000 shares, basically my entire account on margin. I figured by MOnday it would bounc back 5-10% and i would dump it after that. I could not beleive what I was reading on Sunday when I heard the news about JP Morgans buy out at $2/share. I thought it was an error on CnnFn.com. 2$!!!! freeeking dollars! What the hell kind of crap is this! I dumped all my shares Monday morning thinking that there was no point in waiting. Looking at the price now I should have waited to at least minimize my losses, and I couldn't even get that. I am so devastated right now, I am out nearly $400K. I have a house but it has so little equity that I can't even sell it because it's worth less than what I purhcased it for last year. I already got margin called from Ameritrade. I spoke to someone at customer service and they were nasty as hell, freeking a-holes, I guess they are getting a lot of this crap right now and don't care how it hurting everyone. My freeking life is over, this will never leave me, I will be paying for this until I die. I should have never gambled in this market. This is the worst feeling in the world and I would not wish this on my worst enemy."

__________________
Ol'UncleMotor
From the Home Base of Pro Bono Punditry
and 50 Cent Opins...

Our Mtn Scenes, Car Pics, and Road Trip Pics on Flickr:
http://www.flickr.com/photos/4527537...7627297418250/
http://www.flickr.com/photos/4527537...7627332480833/

http://www.flickr.com/photos/45275375@N00/

My X Page