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Bank of Montreal Message Board

  • hh_plane hh_plane Sep 23, 2002 2:05 AM Flag

    These people are clueless. They bought out of sympathy for CSFB, not to make a profit. used to be, which used to be PCFN. For over 15 years, this online financial site has never, ever made a profit. And they will never, ever make a dime, so why buy it.
    By the way, the baggage they came with is an incompetent IT dept, headed by Suresh Kumar. Kumar likens himself as a software genius (think Bill Gates). This man has delusions of grander. He managed to convince some idiot at CSFB to build a technology center in India. This is not needed, at best it is redundancy. Now Harris is left holding the bag. I bet he convinced Harris that they really need it.

    Give me one day at this company and I would find the rats and summarily dismiss them. Everything would still be running because there are a ton of people doing nothing.

    Look, at this point, everything should just be maintenance. Instead, there are new projects galore, project managers, etc. Who are you kidding.

    If they never made a profit (and never will), why all these people and new projects. Isn't this a for profit company?

    Look, the online trading business went to ETrade, Schwab and a dozen $7 trading sites. This thing will never fly. Why else would CSFB and JPMorgan unload their site to Harris.

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    • Whether or not DIR should have gone public is immaterial to the puny efforts of you and a few others to receive compensation that you were not entitled to, i.e. the sale of DLJ to CSFB. Moreover, since you were a booster of the stock long after that sale had gone through, up until the time you were offered $4 per share by CSFB, your conspiracy theory doesn't hold up particularly well.

    • Ed Miller was former CSFB? That answers the question as to why DIR ws sold to CSFB. You should know that one, cold...what is wrong with you?

      You also know that the DIR IPO was never intended to be a self-sustaining operation. It was one of the bushels of flawed IPOs that never should have been IMHO. AXA (Miller) unloaded it to CSFB so Tonto could cover The masked man's tracks...and about 1.3B in cash on the barrelhead.

      Yes, DIR was a crown jewel to the AXA US operation bottomline. Anyone here claiming that DIR was a loser does not understand the trick of throwing pennies on the pavement of the used car lot. Got to get em on the lot looking around. DIR was a cute window to investment banking activity with CEOs of soem big firms who were feeding the DLJ cash (IPO) and underwriting machine.

      Further discussion/analysis of this is to make a study in irrelvelent bullshit. I encourage all to move on down tha road baby, the rats have all left the ship.hehe. No offense. YAWN.

      BP115/70, still licking my balls from that one.

    • For about 400 million bucks...


    • You're simply incorrect when you write that HarrisDirect (or its predecessors) has never been profitable. In fact, it was profitable for most of its existence until the market declines of the last two years or so. DLJ liked its online trading unit very much, so much so that they approved the name change from PCFN to DLJdirect. As for CSFB, my understanding is that there was a general sense that the cultures just didn't match between its core businesses and online trading (the fact that online trading fizzled across-the-board soon after their acquisition didn't help matters any).

      Obviously, you have issues with the company and Suresh Kumar in particular, but many of your statements are overbroad and unfair. The company does many things well, they have been profitable in the past and may well one day be profitable again. I believe SmartMoney just recently ranked the #2 or #3 among the thirty or so online brokerages out there. HarrisDirect is just not that bad.

      • 2 Replies to formerdir
      • Come on, who are you kidding. Fool them all, but baby I can tell...

        Listen, even at the height of the bull market, these clowns were still not able to squeeze a penny profit.

        Now that nobody is buying stocks and a long projected bear market, these clowns will never see a profit. And I mean never, ever.

        When CSFB bought them, they spent 40 million dollars on TV commercials. Still, nobody visited the site.

        There really should be a time when you have to access the situation and just thorw in the towel. But it's hard admitting defeat. For some uneducated clowns, it's better to loose a billion more, rather than admit defeat.

        CSFB and JPMorgan bailed out. That's because they found someone who was stupid and gullable. It will be hard for Harris to find someone stupider than themselves, so they are left holding the bag. Be prepared to slow bleed, but rest assure death will come to the mercy of this company.

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