Posted on 10/24/2016 12:42:25 PM PDT by Da Bilge Troll
Discount brokerage Scottrade is being acquired by rival TD Ameritrade in a $4 billion deal.
The companies announced the deal early Monday, following several weeks of news reports about the merger. The sale is subject to regulatory approvals, and is slated to close by Sept. 30, 2017. Scottrade will convert to TD Ameritrade systems in 2018.
Combined, the two companies have $944 billion in total client assets and 10 million funded client accounts. "It gives us a lot of power to combine the two," Scottrade's founder and CEO Rodger Riney told the Post-Dispatch Monday. "It is a business that has become ever more competitive as the years have gone by ... and scale is more important than ever. The more clients you have, the less expensively you can offer services to clients."
According to an estimate by Bloomberg, Riney's net worth rises to $4 billion with the deal. Riney will join TD Ameritrade's board of directors when the sale finalizes and is poised to become TD Ameritrade's second largest individual shareholder after TD Ameritrade founder J. Joseph Ricketts, whose family owns the Chicago Cubs baseball team.
Scottrade has 3,700 employees companywide, including about 1,800 in the St. Louis region, primarily at its headquarters at 700 Maryville Centre Drive in Town and Country and offices at 13075 Manchester Road in Des Peres and 12800 Corporate Hill Drive in unincorporated St. Louis County.
(Excerpt) Read more at stltoday.com ...
Me & hubby roths are in Scottrade, also rollover 401K from job change. Love the $7 trade. Will my price go up I wonder.
Questions I need answered. I'm with Scottrade and I realize their research isn't cutting edge but the trades are cheap and I have to look elsewhere for some info. I ain't paying no steenking "holding charge" or higher trading fees.
LOL Monsanto! (Also Purina). That's about it.
I know it has been going on for decades. This past month on the breaking news feed....it has really been busy.
They have been working against us for decades.
To pay more than $1 per trade is for very rich folks!
Same questions, plus there is a local Scottrade office for the technophobic and those times when you want a face to face discussion. I have read that the combined company will be closing 150 offices. Hope that list is available soon.
Consolidation, and then, nationalization.
The feds are gunning for a total command economy. Total control, top to bottom.
And the largest corporations in the US are more than happy to let that happen, because in the end, this will benfit the handful of people who control those corporations the most.
The looting of the American economy continues at a record pace.
Forget Monsanto. The Germans (Bayer) will move the headquarters when they buy it. They will always have the Ferguson and East St. Louis group though.
it makes it easy for campaign contributions.
remember what the crony tyrants said. “we don’t need democracy just the illusion with a few benevolent people running the show”
“They still have the archway. “
You mean that racist symbol to memorialize the oppressive European male expansion into the peaceful Native American territories?
Only until BLM demands they remove it. Enjoy it while you can.
A big government system of regulation allows only the big players in business to survive and thrive.
Corporatism is our system of government-the merging of big banks, big business and big government.
Not to worry. One of my union friends tells me Medicaid expansion will create thousands of good paying jobs.
What is left in St Louis?
Jamilah Nasheed and Maria Chappelle-Nadal.
Funny stuff!..Thanks for the laugh.
(Anheuser Busch is still in STL)
Purina is owned by Nestle.
owned by AB InBev of Leuven, Belgium..
That's right! Well, when Monsanto goes, STL will be about devoid of corporate hq's
...and just an $8 commission fee...
I use Scottrade. I bought only a few stocks over the years like the nvidia (NVDA) I have now. Bought Apple, Netflix in the past few years. I guess I was not making them any money with my trades.
See the TV series "Defiance" for a dystopian future that features the Arch prominently.
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