Dr Faustus's Account Talk

[love-to-bike]

I traded using EBB's strategy during the times the board was referring to and I never have received a letter. In fact I was one of the 293 on that day in Oct that went all in the I fund and made a bus load of money. I still trade when I see an opportunity. Recently, I bought small percentages of funds while the market was going down and even again yesterday. No one has stopped my account yet.

So, I really don't know how they are determining who is in violation or not. Seems random to me.

Did you receive a warning letter in January?:blink:

 

[sdouglas3]

No, never received a letter.

 

[sdouglas3]

I am sure I will now after admitting I haven't. LOL

 

[Wrngway]

I received the 1st letter. The 2nd letter may be on its way. From my understanding, I should receive one since I made trades into and between FCSI 3 times in February.

 

[EW_ret]

If your total for February was three IFTs, you will not receive a certified letter this month. If you violated the interim rule you would have already received the certified letter. You had to make four or more IFTs in February be issued the cerified letter and be blocked April 1st. You need to be careful in March to not exceed three IFTs, or you could get a certified letter next month.

 

[sdouglas3]

Well, I guess it's my turn to get one. I have had 6 trades into the stock funds this month so far. Just buying small percentages on each sell off.

 

[love-to-bike]

Since you didn't get the initial warning letter, I doubt you'll be restricted. This of course is just a guess, but I think they send out the warning letter first and if you don't toe the line, restrictions are put in place.

I'm also guessing (and if you saw my returns this year you'd be best guessing the opposite) that they are doing this in a relatively small batch to see how it works. My guess is they'll not be sending out any new batches of warning letters until they see how this all plays out.

 

[Reactive1]

I don't understand why they would do this. It's not as if there was an emergency problem. The new rules were not to go into effect until April so why would they impose such a strong penalty on someone(?), and nowhere did I ever see this penalty indicated. Do they really plan to limit future trades for people who break these rules (which aren't even in place yet) to mail in trades with no return to on-line IFT's? Seems like massive over-kill and ill-will to me.

 

[airlift]

They are abusive and ridiculous!

They claim it isn't punitive. LMAO!:laugh:

 

[EW_ret]

This action is totally vindictive and targets the management style that does not agree with the FRTIB's concept of long term investing. The January letter that targeted 3,500+ TSP account holders was vague, poorly written, and described two sets of rules. This was done on purpose to confuse, and cause 530+accounts to violate one of the two rules described. Gregory Long believes he can make a name for himself by doing a "Elliot Spitzer" on those who follow an asset management style that is not the "buy and hold" model.

 

[crhuss]

I only made 3 IFTs in February and one was back into the G fund. I was out of town so I haven't received the second letter yet...However, I did receive a notice from the post office that there is a "letter" waiting for me at the post office that I need to sign for.
I think we need to employ legal counsel and send a letter to the FRTIB, and challenge their right to limit our IFT as well as how they are enforcing their guidelines, which are unclear and vague at best. We are all losing money by this arbitray decision on their part and they should be held accountable. We should sue them in the courts to allow us to manage our own funds, and financial damages to those of us that were limited. It seems that they don't even care what we think...and they think they can do whatever they want without recourse...so we need to put some teeth into our complaints. Surely someone out there has some legal support to help us out. Is there any takers???
If, in fact, I do have a letter from them, I plan to sent a complaint letter to them, with a copy to my congressmen outlining my concerns and their unfair treatment of a few of us.

 

[DrFaustus]

Hey Gang,

Stayed at home yesterday watching the plumbers dig under the slab of my house to replace a broken pipe. Fun. But at least I can do my dishes in the kitchen sink now.

Missed a huge gain yesterday ... but it could have just as easily went the other way.

As it is, I am on the sidelines in G where I'll have to sit for the remainder of the month under the new IFT limits. But if the situation warrants, I might try to sneak in another rebalancing.

 

[Guest2]

Rules? What rules? The interim rule starts off by saying "there are no limits..."

Rules or no rules, they are stopping the few with limits. Here a portion of
the response I received yesterday when I wrote Tracey Ray. As you can
see, it was written by General Counsel Emswiler for Tracey Rae;
-----------------------------------------------------------------------
" Despite receiving this warning, our records show that you exceeded
the three IFT limit in February. As a consequence, you received the
“Interfund Transfer Restriction Notice.” Thus, we treated you exactly
like all other TSP participants who exceeded these limits.
Sincerely,
Thomas K. Emswiler
General Counsel
Federal Retirement Thrift Investment Board
1250 H Street, NW
Washington, DC 20005
Phone: 202-942-1660
Fax: 202-942-1676

 

[Steadygain]

This action is totally vindictive and targets the management style that does not agree with the FRTIB's concept of long term investing. The January letter that targeted 3,500+ TSP account holders was vague, poorly written, and described two sets of rules. This was done on purpose to confuse, and cause 530+accounts to violate one of the two rules described. Gregory Long believes he can make a name for himself by doing a "Elliot Spitzer" on those who follow an asset management style that is not the "buy and hold" model.

Everyone has me "spooked" - and I think I made 6 ITFs on line this month. I will probably move to G Soon and stay there for awhile and hopefully maintain my freedom.

 

[Guest2]

This was my response to Emswiler's e-mail,

Mr. Emswiler,
Thank you for your quick response to my concerns. Upon reading your
e-mail below, it has become obvious clear that my claims of discrimination
are not going to be addressed by your office. Please let me explain why
I have reach this conclusion;

"All participants who made more then three interfund transfers (IFTs) each
month received the January 24,2008 Letter"


"unless they made no more than three IFTs per month (starting in February)
we might notify them that they would be required to request IFTs only by mails
until the Agency implemented permanent restrictions"


The fact "we might" definitely held true. [You] clearly did NOT notify, nor
restrict every TSP Participant for having over 3 IFT's during the month of
February and [you] have NOT "identified" all participants who have met
with your highly questionable criteria to receive the January Letter. Further,
[your] failure to address the fact that this restriction is only in the "Commentary
Stage" at the Federal Registry would lead one to believe that this whole thing
was a bit premature at best.

In conclusion, [your] response and The Thrift Savings Board have left me
no other option but to seek Legal Counsel. I'm certain that my Attorney's
will be in communication with your offices with concerns over the question
of Legality and [SIZE=+0]Discriminatory Practices being held against me.[/SIZE]

Thank You For Taking The Time To Respond,

 

[Guest2]

OK. Send that with a copy of the Summary and Amendment from the interim rule, and a copy of the proposed rule to your Congressmen. Write a nice cover letter explaining your concerns, and point out that the interim rule specifically states, in fact starts out with "there are no limits". Also point out that the limits are PROPOSED and were posted in the federal register 3/10, AFTER the warning letter was issued. So how can you exceed something that is only proposed and does not exist yet? And how can you legally be penalized for following existing law?

I will immediately, Thanks !

 

[Steadygain]

I will immediately, Thanks !

Squalebear - I noticed your comment in the ITF of the DAY ​

and in all sincerity you get​

The Ultimate Quote of the Week!!​

 

[Guest2]

NOW THAT'S SOMETHING TO SMILE ABOUT TODAY !
Thanks Steady
:laugh::laugh:

 

[Steadygain]

what link is that please?

Just log on the Auto Tracker - and look at the ITF of the day; then find squealbear's - NOW IT SOUNDS EVEN BETTER BECAUSE THE DAY IS OVER AND IT IS A PERFECT COMMENT.

Sometimes these "spontaneous comments" impress me the most

 

[Guest2]

what link is that please?

I believe Steady was referring to my little miff I placed in the "comment
area" when I utilized the Automated Tracking Software to announce my
departure from equities.

http://www.tsptalk.com/tracker/tsp_user_record_all.php

Spontaneous is extremely accurate when defining the moment !