Comments on: Ignorance Defense Works on Wall Street

By: Art Herrera

Art Herrera — Tue, 01 Dec 2009 19:35:52 +0000

FINRA is running adds on TV to promote how they have helped investors recover a million dollars, not millions. That is like Dr. Evil holding the world hostage for a “million” dollars, not billions. FINRA is a stooge for Wall Street, their anachronistic view of today’s dollars and the sham sales run by wall street are so far behind that they make the SEC look like rocket scientists! We know about there efforts with Bernie et al.

By: Larry Doyle

Larry Doyle — Wed, 11 Nov 2009 22:44:29 +0000

Bill,

Excellent point. Thanks for highlighting.

By: Bill

Bill — Wed, 11 Nov 2009 21:44:43 +0000

Larry, I would add that the mullet–I mean customer–demand a prospectus before buying anything. This is especially true if you are being pitched something with which you are not familiar. I got stuck in some auction rates, which mercifully I got redeemed out of. After the freeze up, I requested a prospectus from TD Ameritrade, who fraudulently sold me the ARS (this is a matter of record in the SEC consent order). The joker in their FIG that I talked to told me there wasn’t a prospectus. I finally got the 182 page gem from a securities lawyer I know. Had I seen that first, I never would have touched that stuff, given the laundry list of risks.

By: fiscalliberal

fiscalliberal — Tue, 10 Nov 2009 14:06:10 +0000

In the end the broker is a sales person for wall street and one should not expect them to be honest to the investor.

Sales are about closing the deal driven to the lowest common denominator. Once that is known, we can move forward. That is why people run to Sheila Bair for security. At least in that environment they do not loose tbe base investment.