Why The Biz Has A Bad Name

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Jul 24, 2005 9:43 am

While wandering around the web this morning I came across this.  I found it by looking for the name Hubert Humphrey who I had the experience of meeting on a few occasions.


He is a piece of work.


In any case, for those of you who are contemplating a career in the investment world be aware that there are people like Hubert Humphrey out there.


In any case, invest a few minutes in yourself and read this.  It's from an edition of Money Magazine.  As you read it I dare you not to think of recent nonsense that occurred on this forum--sales meetings run as if they were boot camps, slogans such as "Failed Producer" and on and on.


http://www.wfg-offline.com/moneymag/page1.htm

Jul 24, 2005 3:51 pm

Yikes, what a scumbag! Thanks for the post.


Jul 25, 2005 1:10 am

That article is dated May of 2000, so I'd be interested to find out what's become of Humphrey and WMA. I used to wholesale to their reps quite a bit and it was quite an experience.


Like the saying goes "It's hard to measure a snake until he stops squirming." I don't know if Humphrey has stopped yet, or is he still out there doing his thing? 

Jul 25, 2005 7:46 am
wilson:

That article is dated May of 2000, so I'd be interested to find out what's become of Humphrey and WMA. I used to wholesale to their reps quite a bit and it was quite an experience.


Like the saying goes "It's hard to measure a snake until he stops squirming." I don't know if Humphrey has stopped yet, or is he still out there doing his thing? 



Last night I phoned a friend who is in the insurance business in Atlanta.


He tells me that he doesn't know for sure but he is "about certain" that Humphrey is retired.  He recalls something about losing his licenses but cannot recall hearing anything about going to jail.


That's fairly common in this industry.  The NASD cannot punish you with jail terms and the SEC really only gets involved if laws were broken.


The reality is that Humphrey and his gang of merry men and women exploited the ignorant segment of society far more than they broke laws.  There is nothing illegal about what a good many people who are reading these words do everyday.


But it's immoral as hell.


Remember their motto.  "That client is so stupid that somebody was going to sell them a high commission item they didn't need.  It might as well have been me" or the memorable, "I used to feel bad about screwing my clients, but when I look around me and see a home I could not have possibly afforded and a car that I could not have possibly afforded without screwing them I make peace with myself."

Jul 30, 2005 7:31 pm