Thursday, November 29, 2012

Wall Street Sucks

I hate the stock market.
There are a number of reasons, but I'll just dwell on the personal.
Let's set aside the fact the stock market (and the people who work there) helped precipatate the financial crisis we are living through right now.
Let's put aside the fact no one connected with Wall Street has been prosecuted in all this.
I'll even ignore the fact my 401K lost a lot of its' value just at the time I needed it.
Let's just talk about my recent dealings with the money men in their temple.
I used to own stock.
I say used to because the company cashed it out.  I owned ten shares of Rohr Industries. It was because I worked there at one time.
But Rohr became B.F. Goodrich Aerospace, which became Enpro Industries, which was bought out by United Technologies.  I had no say in further participation in any of it.  I just got a check for partial shares I held in a retirement rollover account. I also got a notice I had to surrender the ten shares I had a certificate for.
Unfortunately, I put the certificate away in a box in garage a number of years ago. A stock broker doesn't want to deal with anything less than 100 shares of anything. So, my ten shares would be a pain in the butt for any broker and cost me some unknown fee for his services.
Still, I had been thinking of cashing in the stock anyway because I needed the money.
The buyout just happened before I could make any arrangements of my own.
I searched for the certificate, but had no success. My garage was neater than it had been before my family rebuilt my house while I was sick, but it still yeilded nothing after a fairly exhaustive search.
So, I had to choose the option where I told them I had lost the certificate. Real pain in my butt.
First I had to have the form notorized where I swore I had lost the certificate.
Next I had to provide a fee for a replacement certificate. This even though noone would ever see a certificate because it was being surrendered and cashed out. (Cost=$50)
Next I had to send them money in the amount of 3 percent of  the value of the stock I was surrendering. This went into an impound account as a hedge against fruad. (Cost=$38.25)
Next I had to send the funds in a certified check. (Cost=$5)
Finally I had to send the whole mess to the broker by registered mail, return receipt requested. (Cost=$19.10)
So I was surrendering ten shares at a value of $127.50 each; total $1,275.
Now I needed every penny of the money for that stock, but it cost me $122.35 to get my funds. And I get a net of $1,152.65.
I suspect a stock broker won't even pass gas unless someone pays him a fee to do it.
So I have to laugh every time I see one of those television advertisements for something like e-Trade.  Why in the world would I participate in a system that nearly destroyed this country financially and got a fee for doing it?