I bought this stock on full margin at 52.47 just last week. I put 100,000 thousand dollars in. Now I have 20,000 left. Losing 80,000 grand in one week - wow. For me that was three years salary. I have 10 grand in a mutual fund. This was the first time I ever bought an individual stock too.
"He shorted during the 1929 crash and walked away with $100 million - which was real money in those days." It's not real money today? If not, can I have $100 million. I will make sure I take good care of it.
The only way that would make sense is if Ameritrade was advancing you a credit line that was personally guaranteed by you. There is no difference between that and getting a cash advance on your unsecured credit card.
I suggest you sue the broker for an unsuitable recommendation. There are plenty of lawyers that will be willing to help you. Any broker that would put you into that position based on your finance income based on your salary will be found in fault. I say get your money back. You will win the case.
You are wrong my friend, not that I'm interested in arguing with you about it. I have an Ameritrade Izone account with about 9000 in cash in it. I have purchased, on margin, 26,000 of a marginable security. That is my only stock in the account. My 26,000 position is 9000 cash and 17,000 margin with no calls in the account.
I can assure you this is true. Contact Ameritrade if you don't believe me and ask them about their margin requirements.
I cannot believe that most of you fell for this bull