Chop Shop Stories

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Dec 30, 2009 11:14 pm

I am curious to see if any of you have ever worked at a chop shop and what the experience  was like....

Dec 30, 2009 11:17 pm

I am a Panther fan. We out of playoffs. i have not followed them lately.



hey how did Giants do this week?

Dec 30, 2009 11:20 pm

ask your panthers!!!!

Dec 31, 2009 8:35 am

Dec 31, 2009 8:09 pm

From Mrs. Gaddock's posts it is easy to articulate that her cubicle is a chop shop for every trade she executes.   

Jan 3, 2010 5:14 pm

I started in a chop shop in the 90's. It was a firm called J.T. Marlin, small shop...

I got started there after a couple guys that worked there came into the casino I was running out of my living room and told me I could drive a Ferrari if I just came to work for the firm. I decided it would be a good move to appease my father who happened to be a judge, you know, get a real job.

When I went into the interview, there were a hundred other dudes there, and this hot receptionist. I chatted with her, then went into this meeting where the HR manager (who was a total knob) started to tell me that I could make a lot of money if I worked for the firm.

I started working for J.T. Marlin, and believe it or not, my Team Leader was the guy that came into my casino one night. What a coincidence. I found out that I was good at my job, landed a whale, cheated some poor guy out of his life savings, and ultimately his marriage, banged the secretary, was solicited by and eventually cooperated with the feds to take down my firm which was basically propagating a huge pump-and-dump scheme.

In the end, I learned that there just aren't any shortcuts in life, and that if it sounds to good to be true, it is. Golly, what a life lesson.

Jan 3, 2010 5:53 pm
SometimesNowhere:

I started in a chop shop in the 90's. It was a firm called J.T. Marlin, small shop...

I got started there after a couple guys that worked there came into the casino I was running out of my living room and told me I could drive a Ferrari if I just came to work for the firm. I decided it would be a good move to appease my father who happened to be a judge, you know, get a real job.

When I went into the interview, there were a hundred other dudes there, and this hot receptionist. I chatted with her, then went into this meeting where the HR manager (who was a total knob) started to tell me that I could make a lot of money if I worked for the firm.

I started working for J.T. Marlin, and believe it or not, my Team Leader was the guy that came into my casino one night. What a coincidence. I found out that I was good at my job, landed a whale, cheated some poor guy out of his life savings, and ultimately his marriage, banged the secretary, was solicited by and eventually cooperated with the feds to take down my firm which was basically propagating a huge pump-and-dump scheme.

In the end, I learned that there just aren't any shortcuts in life, and that if it sounds to good to be true, it is. Golly, what a life lesson.

Boiler Room?
Jan 3, 2010 6:47 pm
SometimesNowhere:

I started in a chop shop in the 90's. It was a firm called J.T. Marlin, small shop...

I got started there after a couple guys that worked there came into the casino I was running out of my living room and told me I could drive a Ferrari if I just came to work for the firm. I decided it would be a good move to appease my father who happened to be a judge, you know, get a real job.

When I went into the interview, there were a hundred other dudes there, and this hot receptionist. I chatted with her, then went into this meeting where the HR manager (who was a total knob) started to tell me that I could make a lot of money if I worked for the firm.

I started working for J.T. Marlin, and believe it or not, my Team Leader was the guy that came into my casino one night. What a coincidence. I found out that I was good at my job, landed a whale, cheated some poor guy out of his life savings, and ultimately his marriage, banged the secretary, was solicited by and eventually cooperated with the feds to take down my firm which was basically propagating a huge pump-and-dump scheme.

In the end, I learned that there just aren't any shortcuts in life, and that if it sounds to good to be true, it is. Golly, what a life lesson.

 
Don't forget to mention how your black girlfriend threw you under the bus to the FEDS
Jan 3, 2010 7:44 pm
SometimesNowhere:

I started in a chop shop in the 90's. It was a firm called J.T. Marlin, small shop...I got started there after a couple guys that worked there came into the casino I was running out of my living room and told me I could drive a Ferrari if I just came to work for the firm. I decided it would be a good move to appease my father who happened to be a judge, you know, get a real job. When I went into the interview, there were a hundred other dudes there, and this hot receptionist. I chatted with her, then went into this meeting where the HR manager (who was a total knob) started to tell me that I could make a lot of money if I worked for the firm. I started working for J.T. Marlin, and believe it or not, my Team Leader was the guy that came into my casino one night. What a coincidence. I found out that I was good at my job, landed a whale, cheated some poor guy out of his life savings, and ultimately his marriage, banged the secretary, was solicited by and eventually cooperated with the feds to take down my firm which was basically propagating a huge pump-and-dump scheme. In the end, I learned that there just aren't any shortcuts in life, and that if it sounds to good to be true, it is. Golly, what a life lesson.





A casino in your living room?   I love it.



Cool story thanks



Thinking back.   The 80's were crazy.   wide open.   embarrassed or something not wanting to put it in writing.



interesting.



I just I'm somewhere close to an adult now.   



life lesson   your right







Jan 5, 2010 6:44 pm

I watched Boiler Room in the theater the day I passed my series 7 to start with Jones (just a coincidence, not planned). Boy did I have dollar signs in my eyes after watching that...

Jan 6, 2010 4:52 pm

During my junior year of college I took a job with Waddell & Reed to learn the business.  Earned my series 6 but knew I needed a series 7 (which my manager refused to allow me to sit for).  So the summer of my senior year I applied at Hibbard Brown (chop shop) and sat for the license.  I "worked" there a month until school started back up but it was a very learning experience.  That fall I transfered my license to a real firm and worked as a brokers assistant and in the back office after class was out. 

I look back on that month and am still shocked how they lasted as long as they did. 

Jan 11, 2010 12:55 pm

During my junior year of college I took a job with Waddell & Reed to learn the business.  Earned my series 6 but knew I needed a series 7 (which my manager refused to allow me to sit for).  So the summer of my senior year I applied at Hibbard Brown (chop shop) and sat for the license.  I "worked" there a month until school started back up but it was a very learning experience.  That fall I transfered my license to a real firm and worked as a brokers assistant and in the back office after class was out. 

I look back on that month and am still shocked how they lasted as long as they did.
 


what was it like at Hibbard? what were the brokers doing?
Jan 12, 2010 10:30 am

It's been so many years I hardly remember what it was like anymore and I was there such a limited amount of time, I didn't get the routine down.  But basically you called prospects for 3 straight weeks.  It's all you did to build your list of potential buyers.  The job wasn't to find an immediate buyer, the job was to sell the idea that we were working on a deal and it could take 2 weeks or 2 months but if that deal looked attractive, could you buy? 

At some point during the month the deal was announced via a conference call everyone listened in on.  It was some micro cap stock they owned in inventory and had pushed the price up substantially and now they wanted to get out.  I read a list of the previous stories and the companies were all over the place but rarely had any real revenue and certainly no profits.

You called and made the hardest pitch of your life.  Many of the things said in Boiler Room were exactly the things said.  I listened to one of those weeks as my sort of training week and it was amazing to listen.  The best seller sat near me and yelled at a doctor who complained of being pulled out of surgery to take his sales pitch (he bought).  The brokers would say they've waived the commission on the purchase but in reality you earned a 10% commission and it all came directly to you.  There were no office expenses.  If you were selling a previous buyer, it was expected of you to give a false price on what previous trades were currently at to make the sale.  It's not like they were going to be able to find it in the newspaper. 

At least 75% of the guys were country boys straight off the farm and had moved to the city.  They had a link into a few Iowa colleges and were literally recruiting brokers on campus.  One of them near me hooked a country doctor who invested about 1/3rd of his retirement plan over the course of 3 months.  He transferred in about $600k so the broker had $60k in earnings over 3 months.  For a 22 year old, that's some sweet change. 

One day a broker walked over to me and threw a note down on my desk.  He asked  "is that your brother?"  I confirmed it was and he said "You can thank me later for giving that to you because he just said he was interested in buying the next time we have a deal." 

Jan 12, 2010 10:40 am
Beagle:

One day a broker walked over to me and threw a note down on my desk. He asked "is that your brother?" I confirmed it was and he said "You can thank me later for giving that to you because he just said he was interested in buying the next time we have a deal."





So, did you make the sale??

Jan 12, 2010 10:56 am

I started with Lehman Bros. Nobody, and I mean nobody moved product like LB. Lehman 2 call system was legendary. First call qualify, 2nd call pile-driver.


thems the daze.
Jan 12, 2010 4:17 pm

Since I've been moving my practice towards a life insurance speciality, I wanted to know from you Lehman Bros guys - would their approach work for life insurance, or is it specifically designed for securities?

Jan 12, 2010 4:32 pm

What is this infamous "Lehman System" that you talk about?

Jan 12, 2010 6:23 pm
chief123:

What is this infamous "Lehman System" that you talk about?

 
Ditto that, what is the system?
Jan 12, 2010 9:39 pm
LuvIndy:


I watched Boiler Room in the theater the day I passed my series 7 to start with Jones (just a coincidence, not planned). Boy did I have dollar signs in my eyes after watching that...





If Boiler Room gives you inspiration then there's something wrong with you. There's lots wrong with me, my manager says I'm a loser, I don't sell my American Funds to by MFA, I don't wear white shirts to work...but I never, ever allow people to talk to me about that movie in the context of our job. My chop shop story is cold calling old ladies on gm bonds with $30 in them...oh wait...that was at morgan stanley.

Jan 12, 2010 9:41 pm

Oh and I also spell buy wrong