Global Financial Crisis (2 Viewers)

Bjerknes

"Top Economist"
Mar 16, 2004
101,650
They just let anyone with an account play around with options? I think you have to be approved to do it in Ameritrade.
They ask you questions and then approve I think. Maybe they shouldn’t let people write calls though. I mean if you write a call for TSLA with a strike of 500 and it goes to 1000 you are fucked like a hundred times over.
 

AFL_ITALIA

MAGISTERIAL
Jun 17, 2011
18,596
They ask you questions and then approve I think. Maybe they shouldn’t let people write calls though. I mean if you write a call for TSLA with a strike of 500 and it goes to 1000 you are fucked like a hundred times over.
Oh ok, so just like Ameritrade then. Still I guess it brings up the question how did he possible get approved. It does all seem too easy to do. This is exactly why I said "fuck no" when they asked if I wanted options trading, people don't want to admit that they don't understand something for whatever reason.

- - - Updated - - -

Alright boys, we're on the comeback trail :tuttosport:

comeback.PNG
 

Bjerknes

"Top Economist"
Mar 16, 2004
101,650
Oh ok, so just like Ameritrade then. Still I guess it brings up the question how did he possible get approved. It does all seem too easy to do. This is exactly why I said "fuck no" when they asked if I wanted options trading, people don't want to admit that they don't understand something for whatever reason.

- - - Updated - - -

Alright boys, we're on the comeback trail :tuttosport:

comeback.PNG
He probably said he was an experienced trader. You need 25,000 to place day trades due to federal law, so if you get into a bad position you can’t get out until the next day, so prepare for losses. I think that rule is stupid anyway but maybe it should apply to writing options across the board, just like margin calls would.

I wonder if he wrote a bunch of calls on Boeing.
 

Juvellino

Senior Member
Mar 19, 2015
5,466
This market isn’t for everyone, that’s for sure.

Look at this stupidity. Some kid was trading options and somehow got into the hole for 700K. He then took his own life. The guy writing this Tweet wants to sue Robinhood, but he doesn’t understand that the only way you can lose more than you invest is if you sell call options. It looks like he was writing (selling) a bunch of calls, which if you did that for the past few months, you would easily be destroyed.

It’s terrible, but nobody takes any responsibility anymore, it’s always someone else’s fault. People should not be trading options if they don’t understand the Black Scholes model, period.

I meant the Robinhood app was crashing :D Webull seems more reliable from what I hear.

It’s awful that he killed himself but he wasn’t really investing, he was gambling. Yes there’s a difference. I’ve never traded options so I don’t know how easy or difficult it is to get approved on Robinhood.
 

Snobist

DareDevil
Apr 16, 2017
8,098
https://www.bloomberg.com/news/arti...for-insolvency-after-2-1-billion-went-missing

It happens that I have 20k euros in a card issued by Wirecard AG. Now i cant use any of that. Great just great.

Edit: I think Im safe.

We would like to point out again that deposits at Wirecard Bank AG are protected by two schemes:
EUR 100,000 in deposits from private individuals as well as from partnerships (Personengesellschaften) or limited companies (Kapitalgesellschaften) are protected per customer by the legally prescribed Compensation Scheme of German Private Banks (Entschädigungseinrichtung deutscher Banken; EdB). This does not include deposits from, among others, credit institutions and institutional depositors such as insurance funds, financial service providers, or the public sector.

As the second level of protection, Wirecard Bank AG is a member of the Deposit Protection Fund (Einlagensicherungsfonds; ESF) of the Association of German Banks (Bundesverband deutscher
Banken e.V.; BdB) as a voluntary deposit protection fund. Since 1 January 2020, the ESF’s protection of deposits at a bank per customer amounts to 15% of the bank's own funds pursuant to Article 72 CRR. For you, this means that your relevant deposits with us are protected up to an amount of EUR 19,700,000 (in words: nineteen million seven hundred thousand) per customer.
 
Last edited:

duranfj

Senior Member
Jul 30, 2015
6,680
https://www.bloomberg.com/news/arti...for-insolvency-after-2-1-billion-went-missing

It happens that I have 20k euros in a card issued by Wirecard AG. Now i cant use any of that. Great just great.

Edit: I think Im safe.

We would like to point out again that deposits at Wirecard Bank AG are protected by two schemes:
EUR 100,000 in deposits from private individuals as well as from partnerships (Personengesellschaften) or limited companies (Kapitalgesellschaften) are protected per customer by the legally prescribed Compensation Scheme of German Private Banks (Entschädigungseinrichtung deutscher Banken; EdB). This does not include deposits from, among others, credit institutions and institutional depositors such as insurance funds, financial service providers, or the public sector.

As the second level of protection, Wirecard Bank AG is a member of the Deposit Protection Fund (Einlagensicherungsfonds; ESF) of the Association of German Banks (Bundesverband deutscher
Banken e.V.; BdB) as a voluntary deposit protection fund. Since 1 January 2020, the ESF’s protection of deposits at a bank per customer amounts to 15% of the bank's own funds pursuant to Article 72 CRR. For you, this means that your relevant deposits with us are protected up to an amount of EUR 19,700,000 (in words: nineteen million seven hundred thousand) per customer.
Hopefully it all turns ok at the end.... hang in there

About the 2billions "disappeared" :sergio:
 

Snobist

DareDevil
Apr 16, 2017
8,098
I expect german government to save them. They wont allow one of their biggest companies to go bankrupt. It also affects a lot of other companies/clients/partners of wirecard.
 

Snobist

DareDevil
Apr 16, 2017
8,098
It seems that funds are safe.


Wirecard Bank AG has been specifically excluded from the Wirecard AG bankruptcy proceedings and BaFin has appointed a special representative to oversee daily bank operations.
 

Users Who Are Viewing This Thread (Users: 0, Guests: 2)