Bank owes for lying

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Oct 26, 2006 8:54 am

Any of you bank boys care to comment?

Oct 26, 2006 9:00 am

If they lied they SHOULD pay.  I'm not pro-bank, I'm pro-money.  I happen to make more of it at the bank. 

Oct 26, 2006 9:08 am
BankFC:

If they lied they SHOULD pay.  I'm not pro-bank, I'm pro-money.  I happen to make more of it at the bank. 


Of course you do. $40,000/year is always more than the $18,000 stipend you got before you got fired for low production at the real firm that you started with.

Oct 26, 2006 11:00 am

Wow.  What, may I ask, makes bottom feeders like yourself SO jealous of brokers employed by banks?


You can't convince me your not...otherwise you would have not taken the time to think really hard and put up your very best effort...as seen above.  Loser.


Oct 26, 2006 11:02 am

your = you're

Oct 27, 2006 7:14 pm

If banks and big firms start paying fines for of all things LYING you better believe some directors went to the bathroom a dozen more times than usual this week after reading the BOA story.


The whole point of middle managers is to lie for the senior management and owners to begin with.


It's too bad Spitzer isn't on this one, unlimited potential in financial services. Producers are the most lied to people on the planet aside from weapon inspectors for the U.N.


Even banks don't have this much capital to cover the losses.




Oct 30, 2006 8:23 pm

Certainly many on this thread are experienced with management lying. Depending on the economics and the culture you have you have to think twice about taking a large player on.


My hats off to the guys who complained and went after BOA.


I wish the judgment larger and results more common but it doesn't in itself change the basics of employment management for people who should generally have a more business like status. 

Oct 30, 2006 8:39 pm

I can't believe that these guys were stupid enough to fall for the "endless referral" pitch from a bank. How else is a bank going to get real brokers? Tell them the truth? They deserve what they got.

Oct 30, 2006 9:28 pm

BankFC-

I don't think anyone is jealous of a bank broker. If you can make the
big bucks at the bank, more power to you. I think that most brokers get
pissed off at bank brokers b/c most, not all, but most are annoying as
hell. Not near as annoying as those insurance guys. Those are the
worst. Those guys heist there annuities and big whole life policies on
the elderly and in most of the cases I've seen, its just not right.
Whether out of ignorance or by pure greed of the big commisions, I
don't know. In the end though they screw themselves right out of the
business with their tiny 19 mm AUM. Anyway that is a whole other topic
in itself.

Oct 30, 2006 9:29 pm

Back to the topic, if they lied they should pay.

Oct 30, 2006 10:24 pm
rook4123:

Back to the topic, if they lied they should pay.


What a poignant comment and right on topic. Bravo, to the rookie!

Oct 31, 2006 8:53 am
My Inner Child:

I can't believe that these guys were stupid enough to fall for the "endless referral" pitch from a bank. How else is a bank going to get real brokers? Tell them the truth? They deserve what they got.


This says it all about you NASD Newbie.


The same clown touting "big name firms" vs. "no-name independents". You couldn't find an ethical or common sense gene in your DNA.


Maybe you should become a hypocritical regulator and get out of middle management all together?


It's o.k. for firms to lie when they recruit? The problem with this story is there are 500000 other examples that fly under the critical mass radar. I know almost no one who hasn't been lied to in at least a serious way in my 25 years in the industry by larger interests. Do regulators seriously believe this doesn't trickle down to clients? Do you seriously believe the public going direct or RIA doesn't reflect on people like NASD Newbie and his ethical perspective which has a sad ring of firm truth to it? It's o.k. to lie to brokers, got it.


Another reason brokers should have a self-regulatory license option. Brokers are more ethical than firms but everything is dressed up the opposite by firms, their minions like NASD newbie and their cartel the NASD itself.


NASD Newbie= Devils Advocate = My Inner Child. IMOHO






Oct 31, 2006 9:19 am
Seeker15:
My Inner Child:

I can't believe that these guys were stupid enough to fall for the "endless referral" pitch from a bank. How else is a bank going to get real brokers? Tell them the truth? They deserve what they got.


This says it all about you NASD Newbie.


The same clown touting "big name firms" vs. "no-name independents". You couldn't find an ethical or common sense gene in your DNA.


Maybe you should become a hypocritical regulator and get out of middle management all together?


It's o.k. for firms to lie when they recruit? The problem with this story is there are 500000 other examples that fly under the critical mass radar. I know almost no one who hasn't been lied to in at least a serious way in my 25 years in the industry by larger interests. Do regulators seriously believe this doesn't trickle down to clients? Do you seriously believe the public going direct or RIA doesn't reflect on people like NASD Newbie and his ethical perspective which has a sad ring of firm truth to it? It's o.k. to lie to brokers, got it.


Another reason brokers should have a self-regulatory license option. Brokers are more ethical than firms but everything is dressed up the opposite by firms, their minions like NASD newbie and their cartel the NASD itself.


NASD Newbie= Devils Advocate = My Inner Child. IMOHO








I think you just agreed with me.

Oct 31, 2006 11:20 am

[/quote]


I think you just agreed with me.


[/quote]


From what planet are you from?


Oct 31, 2006 7:22 pm

why do the keep removing the posted article about Banc of America Investments arbitration with the recruits they lied to?

Oct 31, 2006 9:59 pm

Evidently, RR doesn't permit other publication links on the site. There could be a number of reasons for the policy (copyright issues, proprietary arrogance perhaps).





Nov 1, 2006 8:34 am

Just reference the site like search this under yahoo

Dec 12, 2006 8:02 am

make sure to read about this

Dec 23, 2006 1:30 am
rook4123:

BankFC-
I don't think anyone is jealous of a bank broker. If you can make the big bucks at the bank, more power to you. I think that most brokers get pissed off at bank brokers b/c most, not all, but most are annoying as hell. Not near as annoying as those insurance guys. Those are the worst. Those guys heist there annuities and big whole life policies on the elderly and in most of the cases I've seen, its just not right. Whether out of ignorance or by pure greed of the big commisions, I don't know. In the end though they screw themselves right out of the business with their tiny 19 mm AUM. Anyway that is a whole other topic in itself.



I just want to clarify some things here ..


1.. Not all advisors are the same regardless of where.


2.. In the bank system there are advantages as a built in referral network ..because I hate to tell ya boys and girls .. BANKS have the money .. incase you didn't know that..


3.. There is no product agenda where I am..and having come from both regional planning firm and a wirehouse.. I know there was one there ..


4... $500k gross (year 3) and not to mention $150k in fees next year ..


I just wanted to point this out so you can understand we are not all bottom feeding whatevers at a bank .. there are pro's out there ..and therer are great opportunities if you are hungry..


Just my 2 cents