[quote=DBCC]

the NASD is setting up fake Broker Dealers to run sting operations with the FBI ( check out Shimoda-Atlantic vs NASD)..doesn't this make them a quasi govt aganecy anyway?

[/quote]

No, idiot, the FBI is setting up fake Broker/Dealers with help of the NASD--just like the FBI might set up a sting with any other citizen.

Do you think it's good that the FBI try to stop crime in the industry?

[quote=rrbdlawyer]

The Maloney Act is something like the McCarthyism. Both obsolete. The NASD is like a virus feeding of the host of its members and the FIA is the cure. 

There doesn’t have to be any analogy to explain what is happening with the NASD and the FIA. This is a classic case of a blotted, out of touch bureaucracy composed of bureaucrats who are unable to cut it in the private sector trying to control the creative, thinkers and doers of the organization. NASD Newbie we are the NASD. You’re just some cog in the wheel, punching in and out, watching the clock and hoping for a pension when you retire. You don’t have a creative thought in your whole body.

NASD Newbie, your time has come. When the FIA regains control of the NASD, you and the rest of the sorrowful bureaucrats working at the NASD will be out of a job. Try and get new position in the private sector after listing your previous work experience...... professional bureaucratic and see how far that takes you.

Who knows maybe when all this happens you will have enough time in to collect that meager pension you have been working toward.

[quote=I_hate_the_nasd]

When the FIA regains control of the NASD, you and the rest of the sorrowful bureaucrats working at the NASD will be out of a job.

[/quote]

Regains?  When did they have control in the past?  How did they lose it?

[quote=NASD Newbie][quote=I_hate_the_nasd]

When the FIA regains control of the NASD, you and the rest of the sorrowful bureaucrats working at the NASD will be out of a job.

[/quote]

Regains?  When did they have control in the past?  How did they lose it?

[/quote]

Attaboy, Putsy.  When you're caught out, obfuscate.

You're still a moron.

Just so there is no confusion....

Im still waiting for reasons why we would not want direct supervison form the SEC and Newbie sees nothing wrong with STING operations by the government using OUR SRO???  

[/quote]

Did you read the salary report I gave you earlier?  The head of SIA makes ONE MILLION base as well!!!....you don't think he's in the big boys pocket?  Plus those same guys endorsed ( illegally according to their own bylaws) Dave DeMurro and his clan....They could have embraced the Goble slate and made a statement....but they are sheep who will soon be led off the cliff.  Why won't the SIA stand up for brokers rights either?  The leaders of the FIA have advocated a Brokers Union...this way, when the NASD and SEC shove worthless self serving rules down their throats, they can convene the union and call a stike...Imagine the market on say, a friday in October of all months, and CNBC is reporting that hundreds of thousands of brokers across the country will not be reporting for work on monday and even if they did show up, they will only accept unsol. orders??????  Chew on that thought for a moment.....I'd bet the market would be down 500 points or more at the mere thought of it.   Why are we not organized like other industries????

Marc makes 1.2 million--I suspect Don makes 800,000 and the other senior staff at least 500,000 apiece.  Wall Street, above all else, is hedonistic.

But so what?  It's a private industry and the members pay the dues that makes those compensation packages possible.

You really do not understand the mindset of a broker if you think that they'd want to be organized as a union---they're businessmen and businesswomen.

Even those who are employed with the tightest golden handcuffs and proprietary products are more free enterprise inclinded than any union member.

Unions are for losers--there is no way in hell you'll ever convince brokers that they're losers, much less than they want to join forces so they can all be paid as if they were teachers.

LOL...Do you read what you write?  Ok...for starters, Brokers are tired of being treated like blood sucking vipers by the NASD and by the large wire house type firms....they want to be able to build their book and be able to MOVE without Pru, merrill and the rest putting them out of business all becuase they wanted to be an OSJ with a smaller firm...Unions are for losers hmmmm....Thats funny becuase the last time i checked, the Transit workers in NYC shut down a city and got what they were fighting for....Why can't brokers pay a fee of say 50.00 annually to have somebody fight for them?  Hell, the NASD and the states charge these same brokers a couple thousand EACH YEAR just to renew their licenses ...

FWIW: I have been a broker.  I have written busines.  And Im still on the sales side and i make more money then God...but Im fighting this fight for what is RIGHT....why is the NASD so afraid?  why do they want the FIA to go away?  Sounds to me like there are some scared people there....its ok....you don't have to be afraid...unless of course you have some sort of financial position at stake...isn't money always at the root of all problems?  Whats the first thing you noted on this thread? You criticized the FIA for being funded by donations.....why can't the SIA do that???  well, not if you have a couple million dollar men running the organization, and as we all see now, money is at the heart of the problems with the NASD and SIA.

It would help your windmill tilting if you learned that the first letter of sentence is capitalized when writing in English.

The reason that brokers don't join organizations portraying themselves as being a union is because unions are for losers.

Yes the transit workers were able to shut down the system--but you're not going to be able to convince a producing financial advisor that they're the same as a guy who drives a subway, or opens and closes the doors.

What their union won for them was a pay increase--but they all earn the same thing.

Do you believe that every stockbroker in the country should be paid by the hour, with double time for Saturdays?  As if they were driving a bus?

You ask why the NASD is afraid.  Who says they're afraid?

I suggest they are no more afraid of you than somebody who is trying to kill a cockroach is afraid of the roach.

Do you understand that electing somebody from GunnAllen to the District Board is actually not something that honest people look on as a win for them?

It appears that you believe that there are more dishonest brokers in the country than honest brokers.  You're dead wrong--but when you only associate with crooks you can easily become convinced that everybody is as sleazy as you.

I 'll tell you what…Since you refused to answer the question about the SEC…I’ll give you a 2nd option…Let’s pull up the CRD records of Merrill and Gun Allen…Which do you think is bigger, Badder and thicker???  Come on, take the Pepsi Challenge…How about Smith Barney?  Or Mogna Stanley? Come on…post up up here ( if you can even download them…Lehman’s record almost collapsed my computer it was so big!)

Im starting to see a trend here....a big claim is made and then nobody wants to back it uo....Hmmmm

"YOU DO NOT WANT TO BE REGUALTED BY THE SEC"!!!

can you give me three or four reasons why? 

no.

"GUNN ALLEN IS A BAD FIRM!"

Do you want to compare the records of the largest wire houses?

silence is golden

....here is somethig to chew on...pull up Gun allen on the broker check and it says they have 12 regulatory actions an 7 arbittrations.....I tried pulling up Goldman Sachs and Merrill and here is the message i got!!

Dear NASD BrokerCheck User,

Our records indicate that you have recently requested a
NASD BrokerCheck report to be delivered to you via e-mail.
The report that you have requested is greater than 1.5 Mb in file size.
Currently, NASD BrokerCheck does not support e-mail delivery of reports
greater than 1.5 Mb in size.

If you would still like to receive this report via US Mail, please take
the following
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I go by infractions per employee.

If a firm has 10,000 brokers and 100 violations, that's a 0.010/per broker ratio.

If another firm has 100 brokers and 5 violations, that's a 0.050/per broker ratio which is 5 times as much.

I agree.  MER will obviously have a longer report than GunnAllen, but what is the ratio per rep?  I’m sure that Merrill’s is much smaller than a bucket shop like GunnAllen.

MER's infraction per rep ratio is much smaller than Gunn-Allen's but to be fair, perhaps Gunn-Allen is trying to clean itself up a little. Their new General Counsel, David Jarvis, is an ethical guy.

On another note, I guess getting on Chris Cox' butt once in a while does work. Looks like he's coming around a little:

http://www.sec.gov/news/speech/2006091406cc.htm

I think one of the other Commissioners may have shown him this month's issue of RR which features bucket shops on the cover. He (Chris) actually said, "bucket shop" which is a term he probably was not familiar with a year ago.

If any of you guys are football fans, I would appreciate you pulling for the Trojans against those Cornhuskers tonight (even if Reggie Bush might have gotten us in trouble)!

 I went to the game Saturday it was great. To bad for Norte Dame, but Michigan look great. As for the FIA and Nasd I vote for reform, not just for smaller firms but also, for the registered rep.

[quote=advisor1] As for the FIA and Nasd I vote for reform, not just for smaller firms but also, for the registered rep.[/quote]

What is the reform that you think is necessary?

Do you favor rolling back the regulations that attempt--poorly albeit--to control the damage to the industry done by the stock promoters and penny stock chop houses?

Why do you suppose this organization--the FIA--is nominating stock promoters and penny stock firm executives for places on their district boards?

One of the most notorious chop houses was the firm First Jersey Securities.  It was formed by a guy named Robert Brennan.

Would you consider it to be a plus for the industry if Mr. Brennan was elected to the NASD Board of Governors just because the small firms wanted him to be a Governor?

I assume you would, but am wondering what your logic would be.  Please share it with me and the others who read these forums.

Thanks