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Ghoser777 · Mar 8, 2006, 06:45 PM

So I have about $2000 invested in the Merrill Lynch Energy Spider, and I just checked my account info today... and the investment is gone! I do all my banking and investments through Citibank. I checked my account activity, and on the 6th there was a Full Call put in, and then a Cash Jrnl (Journal?) on the 7th. What does this all mean?!?!? The investments division of Citibank won't be at work till tomorrow, so I have to wait to hear from them tomorrow.

Does anyone know what's going on?

wdlove · Mar 8, 2006, 06:51 PM

I would try using their 800 number this evening. You might get lucky and get a hole of someone. It is always worth at try. Otherwise call first thing in the morning.

Brass · Mar 8, 2006, 06:59 PM

Asking if it just went poof is politically incorrect these days. You should ask "did it just come out of the closet?"

Seriously though, sound like a bit of a shock. I hope it un-poofs quickly one way or another.

Cadaver · Mar 8, 2006, 07:34 PM

Originally Posted by Ghoser777

Does anyone know what's going on?

I took it. Sorry, didn't think you'd mind.

turtle777 · Mar 8, 2006, 07:56 PM

Originally Posted by wdlove

You might get lucky and get a hole of someone. .

-t

Invictus · Mar 8, 2006, 09:46 PM

Originally Posted by wdlove

You might get lucky and get a hole of someone. It is always worth at try. Otherwise try first thing in the morning.

A hole in the morning is worth a bush at two.

Dr Reducto · Mar 8, 2006, 10:04 PM

Energy Spider = Enron

smacintush · Mar 8, 2006, 10:04 PM

Originally Posted by what_the_heck

-t

I got a hole of someone once. Then I got married and now I don't get a hole of anyone anymore.

turtle777 · Mar 8, 2006, 10:35 PM

Originally Posted by smacintush

I got a hole of someone once. Then I got married and now I don't get a hole of anyone anymore.

That's a hole other level

-t

euchomai · Mar 8, 2006, 11:11 PM

You guys are a hole different kind of funny.

Big Mac · Mar 9, 2006, 12:33 AM

Originally Posted by Ghoser777

I checked my account activity, and on the 6th there was a Full Call put in, and then a Cash Jrnl (Journal?) on the 7th.

What brokerage are you using? It says your account is completely empty, with no cash value and nothing invested whatsoever? If that's the case there's something definitely wrong. I don't know what a Cash Jrnl is, but if it says something about a "Full Call" I would assume you got hit with a margin call - except, you weren't investing on margin, right? Did you own a significantly greater number of share than the $2,000 you placed in the account would have allowed you to purchase? If so, you were using margin dollars, and if you were investing on margin, a margin call would have made sense this week because the broader market was brutal for the last two days. But even if you were investing on margin and got a margin call, your account would have been suspended until you deposited additional funds.

If your account value is 0.00, either there's some system-wide maintenance going on, or someone gained access to your account and drained it. Call your brokerage immediately. I'll certainly be a bit leery before placing any money in a Spider, after reading this.

Cody Dawg · Mar 9, 2006, 05:58 AM

What investment IS this exactly?

Knowing is like insider information - stuff we DO NOT want!

Sorry to hear about this, actually, if it is indeed gone. I had that happen once but it was my fault.

Keep us posted!

Ghoser777 · Mar 9, 2006, 11:43 AM

Okay, I figured out what was going on. Turn out the Merrill Lynch had recalled the stock, so they liquidized it and transfered the money to my checking account... without letting me know. All is well!

turtle777 · Mar 9, 2006, 11:51 AM

Originally Posted by Ghoser777

Okay, I figured out what was going on. Turn out the Merrill Lynch had recalled the stock, so they liquidized it and transfered the money to my checking account... without letting me know. All is well!

You should optimize your stock / funds picking process.

That you picked something that got eliminated is not a good thing.

-t

AppleOptionFour · Mar 9, 2006, 03:14 PM

Enron Pt 2

olePigeon · Mar 9, 2006, 04:35 PM

I hate Merrill Lynch. They never f*cking listen to me when I tell them to do something, and I'm always the last one to know what's going on with my own damn money.

After I lost over $2,000 after I told the guy to sell my stocks and my bro lost over $8,000 trying to do the same thing (the guy would just say "I'll see what I can do..." then NOT do anything) we closed our accounts.

Even though my account was closed, I still get a quarter statement about my liquid $.02. Yeah, 2 cents. Wtf? It costs them more money to print and mail out a statement about a closed account regarding 2 god damn cents.

The FTC investigated Merrill Lynch, by the way, and they had really bad brokers doing all sorts of illegal crap. Lots of people arrested. I or my brother didn't get our money back because they claim their branch wasn't part of it.

If I were you, I'd not deal with Merrill Lynch at all.

Scotttheking · Mar 9, 2006, 05:01 PM

I'm not a fan of full service brokerages, but if you wish to use one for whatever reason, I use Edward Jones and they seem to work decently. I don't buy stocks thru them, however.

Ghoser777 · Mar 9, 2006, 05:41 PM

Actually, I've made a lot of money off of the energy spider... not sure why they did a full call. :shrugs: