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Penson Worldwide Inc Message Board

  • dystopia65 dystopia65 Jan 12, 2012 5:46 PM Flag

    What this means

    1st announcement PENSON FINANCIAL SERVICES INC $128,457,343 $152,337,918 $152,197,473

    2nd announcement PENSON FINANCIAL SERVICES -15.7% 0.1%3.7% n/a

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    • The $28MM decline in net capital probably reflects distributions of capital to repay credit line. The fact that the net capital requirement on a linked month basis was steady at $29MM is strongly suggestive that Penson is not losing customer accounts or balances (net cap requirement is equal to 2% of aggregate customer debit items, which, all other things being equal, would tend to fall dramatically if people were transferring accounts or balances, since the debit balances kind of have to follow the securities collateral).

      Penson has an earnings problem, not a capital, near-term solvency or liquidity problem.