A Soft Touch

or Register to post new content in the forum

12 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Sep 17, 2006 10:10 am

I read somewhere that a guy was not fired by his firm until he had twenty customer complaints.


As hard as it is to believe that is not that uncommon for a variety of reasons.


1.  Should an employer simply believe customer complaints?  Are we not entitled to our "day in court?"


2.  Often a flurry of complaints will come from essentially the same incident.  Should a rep be terminated because forty of his clients bought Cisco at 60 and twenty of them complained about it?


3.  Often the firm will want to keep the broker who is under seige "close" because if they fire him he becomes a lose cannon and there is little control over what he says.  Way too much exposure to the B/D.


If you hear about a guy who has a lot of arbitration issues it is not fair to conclude that he is a rogue broker--he may be a very good broker who just happened to be in the wrong place at the wrong time.


The plaintiff's bar has learned that Wall Street is a soft touch and will eagerly settle rather than run the risk of negative publicity as well as the danger of losing even more under certain situations.


The executive dining rooms have been the site of more than a few heated arguments about "growing a pair" and refusing to cave like a cardboard suitcase.

Sep 17, 2006 10:28 am

NASDY, do yourself a favor...take a break from this board. Take a long walk, look up some old friends, read a book, learn how to play an instrument, paint a picture, read the obituaries and cross the names out of the phone book. Anything would be better than the feeling you get from being addicted to this board. It breaks my heart to picture you hitting the refresh button every 15 seconds. YOu're getting up there in years. Don't waste your final years doing this crap.


God bless...

Sep 17, 2006 10:35 am

Knucklehead, does it make sense that you should comment on virtually every post made, yet suggest that others are wasting their time?

Sep 17, 2006 12:36 pm

That incident about Merrill not terminating a broker (Joel Cessna) in Wooster, Ohio for blowing up the portfolios of mostly hourly Rubbermaid retirees is true. I think he (Cessna) finally wound up with over 30 complaints stemming from the same incident. Merrill was named as a co-respondent in the NASD arb complaints and you're probably right about why they were reluctant to cut him loose.

Sep 18, 2006 10:35 am

He could go work for GunnAllen.  He would be relatively clean by their standards.

Sep 18, 2006 10:37 am

Some broker-dealer in St. Louis (not Gunn-Allen) did pick him up for about 8 months after MER terminated him. I can't recall their name at the moment.

Sep 18, 2006 1:03 pm

NASD=Put Trader=Maven= YOU ARE WASTING OUR TIME. 


PLEASE DELETE HIS SIGNON

Sep 18, 2006 5:22 pm
vbrainy:

NASD=Put Trader=Maven= YOU ARE WASTING OUR TIME.



PLEASE DELETE HIS SIGNON





AKA......Knows Wall St.     

Sep 18, 2006 5:25 pm
vbrainy:

NASD=Put Trader=Maven= YOU ARE WASTING OUR TIME. 


PLEASE DELETE HIS SIGNON



Why did you take some of your valuable time to submit that deep thought?

Sep 18, 2006 8:24 pm

ESAD.


Sep 18, 2006 9:54 pm


vbrainy fears put trader....

Sep 18, 2006 11:43 pm
Philo Kvetch:

ESAD.



?