NYSE Bars RR for Vicodin Use

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Dec 5, 2005 3:28 pm

In my 25 years on Wall Street, this SEC appeal raises some of the most frightening issues I have ever seen.  Putting aside the seriousness of Mr. Grassi's conduct --- forging a Vicodin prescription --- the NYSE (and likely NASD) seem to be engaged in a massive erosion of the few rights RRs still have left. No more website posting. No more private emails. No more live tv/radio appearances. Firms can jam you up with your U5. Mandatory arbitration.


Now read this just-released case.  Get beyond the mere facts here. Understand what's truly at stake.  This may be your last wake-up call.


http://www.rrbdlaw.com/2005/0512grassi.htm



Dec 5, 2005 5:08 pm
rrbdlawyer:

the NYSE (and likely NASD) seem to be engaged in a massive erosion of the few rights RRs still have left. No more website posting. No more private emails. No more live tv/radio appearances. Firms can jam you up with your U5. Mandatory arbitration.


This is true, but what can we do?  Do we have any lobby efforts? It seems like our own regulatory organizations are our worst enemy/critic? Just look at how some of us here treat each other. 


BTW, even those of us who aren't NYSE floor traders know that forging a drug prescription is illegal.  But thanks for the work you do and your participation on this forum.



Dec 5, 2005 6:32 pm

Where is the ACLU when you need them. Probably defending child molesters, death row inmates and other bs.


Interesting case. So the bottom line is one better have some integrity and walk a fine line on the side of the law.

Dec 6, 2005 10:38 am

I realize the ban on website posting as it pertains to giving investment advice or stock recommendations and especially in chatrooms.  I don't believe that applies here (?) since we supposedly are professionals discussing our profession.  When we had the Pennypinch blow up, I assume that no one offered her any investment advice. I certainly offered her some personal advice


But would be be so kind as to clarify this for me?


No more private emails.


Thanks

Dec 7, 2005 5:44 pm

So let's get something started. Assume that every RR donates $100, that's

$8 million. Don't you think we can organize some professional lobbyists

with that? Get some lawyers involved in the process?



Like trial lawyers, teachers and teamsters, we too can have a part in some

political action committees.