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Sep 1, 2006 3:37 am

Ok-


600M and counting. Today Prudential announced that the firm has settled the market timing lawsuit.


Who knows if this is the end, but it is clear that some paying clients do not like this practice.


I hope this is a lesson to the big firms out there that think its  business as usual as long as they pay and admit no wrongdoing. I challenge anyone to tell me this is good for our industry image. It sucks and Prudential deserves to pay for their greed.


And in Prudential's eyes there is only one client. The owners. Bring it on NASD. I can't wait to read your response.

Sep 1, 2006 10:23 am

Rank my fine friend-


Plagerism is the highest compliment. Let me digress for a moment and tell you a story in answer to your argument that Jones is no different than Pru, or SB, etc. I hear this time and time again, and it make me cringe to think that I work for the same firm as you.


Perhaps I can illustrate my point with an incident that happened several months ago where my daughter found herself feeling the nomral peer pressures in high school and succumbed to her friends and was caught by me with alcohol. Her first comment was to defend her actions by saying "well all my friends are going to parties and drinking, so if it ok for them why not for me. After all everyone is doing it."


Ethics or rules are ironclad, black and white. It is what we do with the rules that cloud the horizon. You are right, Jones isn't different than most (but not all) firms. But how that makes anything right in your or others IR's world, is frankly reprehensible. It is either right or wrong. And market timing, revenue sharing, directed brokerage, clearly were tactics to make others rich at the expense of the shareholder.


In the court of public opinion, those that pay have lost. But the way our system works, they admit nothing, pay serious cash, and go on as if nothing has happened. And every time you sell a mutual fund that disclosure that no one reads tells the story;


"While our investment representatives may sell, and our clients are free to select, funds from many mutual fund families, there are financial incentives associated with the sale of funds from the preferred fund families. Edward Jones receives payments known as revenue sharing from the preferred fund families' advisers or distributors. Edward Jones, its investment representatives and equity owners benefit financially from the receipt of revenue sharing payments from the advisers and distributors of the preferred fund families. As a result, Edward Jones' receipt of revenue sharing payments creates a potential conflict of interest in the form of an additional financial incentive to the firm, its equity owners and investment representatives in connection with the sale of the funds from the preferred fund families."


The regulators and the public clearly feel (200M)that the word potential should be removed from the statement. You will stay with this company because you haven't taken the time to look whats available to you. I prefer a different road.


So back to the story. My daughter lost her driving priveliges for 3 months. She had to prove to her parents that she could act responsibly, that she could recognize right from wrong, and that she should recognize that her actions always have consequences. Whether others do it or not doesn't matter to her parents.


And it shouldn't to you in business. Worry what your firm does and how it acts. Ethics and integrity are everything in this business.

Sep 1, 2006 10:34 am

  WAY TO GO FOOT

Sep 1, 2006 10:41 am

FS, you're too kind...arguing with the blind, deaf & dumb is an exercise in futility.

Sep 1, 2006 10:40 pm

Rankstocks-



Do you understand anything about this suit? Sure doesn't seem like it from

your post. The fact that this practice was centered around what 3-4 brokers

vs. 95% of you clowns selling the same darn funds to every Tom, Dick and

Harry that walks through your door does not seem like a logical comparison.

Sep 2, 2006 6:03 am

footsoldier,


    Plagerism, in this case, is the highest form of mockery.  Let me quote you, "Ethics or rules are ironclad, black and white".  Show me, in black and white, the revenue sharing disclosure requirements that regulators required that made Edward Jones so reprehensible.


    While you are on your moral high-horse, please let me know one of the top 10 firms that was fines LESS than Edward Jones.  If regulators are so just and magnanamous, why so few fines for Jones?


    Your daughter sounds like she has her dad's genetic makeup.  2 or 3 I.Q. points above Down's Syndrome.

Sep 2, 2006 9:36 am

Rank-


Actually my daughter is on her way to college with a collective 3.67 GPA which I am very proud of. For those parents out there that have children with downs syndrome I apologize for my ex-fine friend who now feels he should not only attempt to denigrate me but attack those who have the incredible challenge of raising kids with this affliction.


Rank, you are the lowest form of human being. Its no wonder you made it through the Jones hiring process. Good riddance.


Sep 3, 2006 1:49 am

footsoldier,


     Have you thought about moving to the ACLU, or maybe run for office on the Democratic ticket?  What about spending $1000 for a dinner plate to listen to your hero Jimmy Carter explain what's wrong with America?  While you're at it, donate your paycheck to Green Peace.  Next, after you pick up your double shot mocha, go form part of a human chain protesting the war in Iraq.  After all, it was our fault the terrorists attacked us and we need to understand why we are so bad as a country.


    I'm glad your are so emotional.  I'm sure by being so touchy-feely, you are wildly successful at Jones. 


"ex-fine friend who now feels he should not only attempt to denigrate me but attack those who have the incredible challenge of raising kids with this affliction. Rank, you are the lowest form of human being."


For those parents out there that have children that use emotion to make decisions, I apologize for my ex-fine friend who now feels he should not only attempt to denigrate me but attack those who have the incredible challenge of raising kids with this affliction.

Sep 3, 2006 8:31 am

The firms hire survey firms to keep up with the impact of things like the fines being discussed.


A sad reality of our society is that most people don't even notice things like, "Jones fined for failure to disclose," or they see it but don't understand, or they see it and figure that it's business as usual.


Within days what seemed like devastating news to the reps of a firm has morphed into positive name recognition because huge--as in HUGE--portions of the public will simply think, "Jones?  Jones?  Oh yeah that's the brokerage firm that is in the news...." but have no idea if the news was good or bad.


You can never go broke underestimating the intellect of the American people.

Sep 3, 2006 10:54 am

NASD-


You hit the nail on the head. The publicity apparently mitigates some of the pain.


Rank-


No more comments with morons.

Sep 4, 2006 10:59 am

Rankstocks,


 As a parent of a child with Downs Syndrome, I would certainly like to meet you. You represent your firm very well. Please PM me so that we can make arrangements. I hope your GP's read this forum and see what classy reps they have working for them.


Sep 4, 2006 10:49 pm

My nephew has Mongoliodism, as does one of my good friends' daughter.   Does that mean I have to be ultra PC on this forum?  I don't think so.  Trisomy 21 is a serious defect, and I recognize that. 


I could PM you, but violence is no means to an answere.  I am glad you too react emmotionally instead of with reason.

Sep 5, 2006 1:59 am

"My nephew has Mongoliodism, as does one of my good friends' daughter.   Does that mean I have to be ultra PC on this forum?"


No one is asking for "ultra PC", but unless you want to appear as an insensitive 14-year-old, you should show just a bit of common courtesy.


"violence is no means to an answere."


Not only did you butcher this grammatically, you showed you can't spell "answer"...or "emotionally" either.


Keep going...you're just proving your insensitivity and stupidity.

Sep 5, 2006 2:08 am
Indyone:

"My nephew has Mongoliodism, as does one of my good friends' daughter.   Does that mean I have to be ultra PC on this forum?"


No one is asking for "ultra PC", but unless you want to appear as an insensitive 14-year-old, you should show just a bit of common courtesy.


"violence is no means to an answere."


Not only did you butcher this grammatically, you showed you can't spell "answer"...or "emotionally" either.


Keep going...you're just proving your insensitivity and stupidity.



I couldn't have said it better......

Sep 5, 2006 6:00 pm

Rankstocks



  You appear to be one of the many "young and foolish" here at Jones world. You must have assumed that violence was my "answere", I only wanted to find out who you were so I could contact your RL and let him know what an idiot he has under him.  You make all of us look bad.



Sep 6, 2006 2:18 am

DRAPALA,


     If I am so "young and foolish", answer me this.....what is Trisomy 21, and explain to me the biology behind it without looking it up on the web.


     While you are applying for your new job at the local credit union or bank to pitch CD's, make sure to think of me when you sign up you 3000th client for a 5k fixed annuity.

Sep 7, 2006 3:25 pm
rankstocks:

My nephew has Mongoliodism, as does one of my good friends' daughter.   Does that mean I have to be ultra PC on this forum?  I don't think so.  Trisomy 21 is a serious defect, and I recognize that. 


I could PM you, but violence is no means to an answere.  I am glad you too react emmotionally instead of with reason.



Typical reaction of an absolute axxhole, once he's realized how poorly he's behaved.


I would assume you don't have to be "Ultra PC" on a forum. But the behavior you display here, is probably no different than the way you talk amongst your friends at home.


Having a nephew with Down's is not the same is having a child with Down's...in fact it's really not even close.


Having your own child with a disability is a lot like saving your entire life for a dream vacation to Paris, studying french, and reading books about french cuisine.


When the day finally arrives for your trip, you get on the plane and after a very long, long flight arrive...only to have the pilot tell you "There's been a mistake - we've landed in Holland."


Holland is a lovely country, and you'll eventually learn to enjoy it, but it's not what you dreamed about, not what you wanted or hoped for.

Sep 7, 2006 3:51 pm
rankstocks:

My nephew has Mongoliodism, as does one of my good friends' daughter.   Does that mean I have to be ultra PC on this forum?  I don't think so.  Trisomy 21 is a serious defect, and I recognize that. 


I could PM you, but violence is no means to an answere.  I am glad you too react emmotionally instead of with reason.




I was under the impression that intelligent people no longer referred to  a person with Downs Syndrome as a 'mongoloid'.


Therefore, I think again you are a liar. You do not have a nephew with any such affliction. You merely lied to try to cover up your caustic remark. And in using the term 'mongoloidism' reveal your total ignorance- again.