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EDJ Overtime Settlement

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Jul 17, 2008 1:42 pm

You mean they didn’t pay you for the days you hadn’t yet been working?  Imagine that.  The last company I worked for didn’t start paying me until my first day of work, either.  Boy that pissed me off.

Jul 17, 2008 2:19 pm

Okay let me understand. You are paid based on a 30 Day Month? The salary is 1500.00 per month.

1500 divided by 30 = 50.00 per day. You did not work six days in the month. 50.00 mulitpied by 6 = 300.00 1500 subtract 300 = 1200.00 is the amount paid. This is simple arithmetic. You are paid 30,000.00 per annum. You start the first of Feb/08 , does that mean on the 31/Dec/08 you are paid 30K , or does the employer have to add the month of January/08 that you did not work to pay you 30K???? Where were you taught basic arithmetic skills?
Jul 17, 2008 2:49 pm

Ice - not a Jones thing. New Math! If I don’t have a calculator or is more than the fingers on two hands I think perhaps APPLIED MATH. Something else that is really disconcerting these people are dealing with other people’s money!!!

Jul 17, 2008 6:43 pm

[quote=Jones99]Spiff…have you made up your mind on filing the form?

  Just wondering,   Jones99 [/quote]   I haven't had time to think about it in the last week.   I've not had a good conversation about it with anyone in my region.  So, I'm still undecided.
Jul 17, 2008 9:32 pm

[quote=Jones99]

By the way, when I started, Jones promised me a $1500 per month training SALARY for the first two months.  Imagine my surprise when the first check was for only $1200 gross pay.  I called HR to inquire about the discrepancy…since Jones put our official start date for our training class on July 5th, they felt justified in docking us for 6 days of pay based on a 30 day month.  I suppose they did that to all training classes at the time, but it still pisses me off nine years later.  Maybe I can get my $300 back if I file the request form.[/quote]

It’s not about the math and pro rata payments. This is cheap and tacky. It’s a very Bush League attitude that I hope has been washed away from the much bigger, better-known Jones of today.

BTW: Regulators raided AG Edwards/Wachovia today: “Regulators from Missouri, Illinois, Massachusetts, New
Jersey, Pennsylvania and a sixth state that asked not to be
identified were part of the team entering Wachovia Securities’
headquarters, Missouri officials said.”
Jul 17, 2008 10:44 pm
B24:

You mean they didn’t pay you for the days you hadn’t yet been working?  Imagine that.  The last company I worked for didn’t start paying me until my first day of work, either.  Boy that pissed me off.

  First of all I totally agree with AVISE, not about the math...just Bush League tactics to cut $30k off the training costs.   To Mr. B24, you are using an incorrect analogy.  Everyone in that training class had been through the Jones hiring process, drug testing, etc.  Everyone in that class received all training and study materials by the 28th of June.  By June the 5th, I had already finished the first three days of the study materials.  Jones CHOSE our "official" start date of July 5th.  They promised us TWO months of training salary (not pro-rated), and then they docked everyone $300.  Even if, as you state, we weren't working before the 5th, we did work for Jones on the 5th....they docked us for 6 DAYS, not 4.   Just an FYI.
Jul 18, 2008 12:36 pm

[quote=Spaceman Spiff] [quote=Jones99]Spiff…have you made up your mind on filing the form?



Just wondering,



Jones99

[/quote]



I haven’t had time to think about it in the last week. I’ve not had a good conversation about it with anyone in my region. So, I’m still undecided. [/quote]



Spiff- My perspective is… There is free money out there waiting for these former brokers to claim why wouldn’t you want some of the money if you are allowed to get it?? I don’t care if my regional leader is pissed or anyone else is pissed for that matter. I work here for myself and myself alone. If I can help people along the way great but at the end of the day I do what I must do to look out for myself and when i think of FREE money that may go to a segment of the firm and not me to that just don’t sit well. I want what should be mine.



I would fill out the consent form and mail it in. Question: Were you mad about the clients on your book that requested the mutual fund revenue sharing claim? No, neither was I… It didn’t come out of my commission and neither does this overtime lawsuit claim. The money is already sitting in a sub-account waiting for distribution. So bottom line- Just do it!



Miss J
Jul 18, 2008 2:54 pm

MJ - Interesting perspective.  I’ll have to make a decision soon.  I think the overtime settlement just might be enough to buy a new plasma for the office.  Hmm…

  Jones99 - I'm having some difficulty figuring out your complaint about the paycheck.  So, Jones says your official start date is July 5.  That means you don't officially go on the payroll until July 5.  However,  you got the study materials about a week before you were officially supposed to start.  Did the study schedule start before July 5 or did you just simply do some extra work before your official start date?  My assumption would be that if you were supposed to contractually receive 2 months of $1500 a month salary for a total of $3000, then you have a right to expect a total of $3000.  Now, it may turn out that you get $1200 in month one, $1500 in month two, and then $300 in month three.  Jones can't just dock your pay.  There would be so many HR complaints that the company would probably get shut down. 
Jul 18, 2008 4:37 pm

Spiff-

  Are the GP's implying that  they are taking names?    I thought the path Weddle took (at least what I heard in the California settlement from FA 's out here) was the high road. Telling reps that he would rather have FA's who still work at the firm get it rather than guys like me who left.  Why would you even consider not taking the money?    
Jul 18, 2008 7:07 pm

I think it’s just the stigma of taking a check like that.  You know, the fear of the GPs knowing if you did or didn’t and somehow blackballing you when the next LP offering comes out.  Now, in the verbage of the letter from the settlement attorneys it says that EDJ can’t hold it against you if you choose to participate. 

  The GPs aren't implying anything.  They're not allowed to comment on the situation.  If Weddle did say that, I would agree with him.  If Jones is going to pay the money anyway, I'd just as soon have some of it hit my pocket rather than put that much more in yours.    The other spin I've heard is that you, for instance, may only be eligible for say $1000.  I may be eligible for $2000, but choose not to participate.  In that instance, my $2000 stays in the coiffers and eventually funnels back to Jones.  So, it's better for Jones if we don't take the checks.      These are the conversations I have with myself while I'm driving home.  The guy on one shoulder says take it or someone else will.  The other says, no, be a good Jones guy and let them keep it.  I would love to know for sure what happens to the money that a guy like me might not claim.  Does it get split between everyone else who does participate or does Jones get to keep it.     
Jul 18, 2008 7:20 pm

Spiff , I do think that your thought process is exactly what any employee would have regardless of the company. Always that sense of is this going to come back to haunt me?

Your response is an honest and fair comment.
Jul 18, 2008 7:24 pm

Spiffy, isn't it a sad day when Miss Jones has bigger cahones than you.  She's saying f the man and give me some money.  I do feel sorry for you and the fear you carry about being blackballed.  I could care less what you do, I will get what I get.  But, if I had to worry about how my allocation of LP may be affected because I chose to put some cash in my bank account , it would make me just a little pissed.  But, how will you ever know.  If you take the cash and get passed over or get very little LP...will you always be asking yourself about that decision.

I'd say...don't take it...forget about it...preach to others in your region about the perils of taking it.  Do a broadcast about your decision and hell, write a letter to Weddle on your decision.  CC your RL while your at it.  You will reap greater benefits from not taking it than taking it.  You and I know, Miss Jones will get spanked for taking the money. 
Jul 18, 2008 9:00 pm

I think Miss Jones gets to pick her spanker…at least Jones is democratic about that…

Jul 19, 2008 2:59 am
MISS JONES:

[I work here for myself and myself alone. If I can help people along the way great but at the end of the day I do what I must do to look out for myself and when i think of FREE money that may go to a segment of the firm and not me to that just don’t sit well. I want what should be mine.

Miss J

    Allllllllllrighty then...
Jul 19, 2008 2:59 pm

The paperwork said to have it notarized before sending it back, but there's no designated space for the notary or enough room on the document to notarize it. Hmmmm...

Jul 20, 2008 1:52 am

Spiff, I use to be a die-hard jones defender like yourself, (cansell 2000).  In the last year I’ve really seen the true Jones colors (and it didn’t come from any insight on this site).  Anyway, just having the torn thoughts about negative repercussions from the GP’s should let you know exactly where all FA’s stand at Jones in the eye’s of the GPs.  We are their single profit source and are here only to produce, not to give our 2 cents worth on any topic that determines the direction of what is ultimately OUR business.  I for one am taking the cash which will go towards my “100k going RIA fund”. 

Jul 21, 2008 4:35 pm

Now that I mull this thread a little further, I think Spiffy should take the check.  Take the check just to show us the GP’s are great dudes and dudettes and will not care you’ve dipped into the fund.  Show us there’s no repurcussions.  Show us what a great family friendly the firm is.  How the LP is awarded on merit, not if you raped the company coffers.  Even though your hesitation tells us how scared shitless you are of your own firm.  Do you think the goons will be knocking on your door at 11pm Thursday night, to send you a message.  You should be proud…

Jul 21, 2008 5:00 pm

I believe that every job application I've ever completed has had a section asking whether I've ever been a participant in a lawsuit. I've always proudly been able to skip that section and move on.

So, if I take the check and eventually go to work somewhere else, do I now get bogged down in explaining how I was involved in a lawsuit?
Jul 22, 2008 7:58 am

Go to work for yourself and you won’t have to worry about job apps.

Jul 22, 2008 12:59 pm

I agree with sithsayer, Spiffy.

  This issue might be the best illustration of how management really feels about their FA's. The crap about FA's being their only revenue source is just plain bs.   Just read the 10K and anyone with a brain could recognize the FA's are the fuel of the engine, not the engine. And the gas (as you stated somewhere else) can easily be replaced with less costly replacements.   Dust off the resume, and start doing your due diligence. Maybe its indy, Jones is the best training for going indy, or maybe to a reputable wirehouse (I think there still are a few good ones). Whatever you decide, this is much much bigger decision than taking the check.   If I were a GP and had a concious (I am not sure that's possible), I wouldn't be able to look myself in the mirror. What it really comes down to is integrity. If management really cared about its FA's, they would be encouraging you to take the money. Instead they disseminate through the regional leaders or their henchmen words of discouragement and concern. And if all you have is a few moments to think about this after a day of doorknocks or appts, you are seriously discounting your career by not dealing with the core issue.   Can you trust them? Deep down you know the answer...