The gall of GP's

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Dec 7, 2007 3:19 pm

I am starting this thread because someone told me today that I would find in the Jones Financial Companies latest 10K, that it read on part III item 10 the following;

 
The Partnership does not have a formal code of ethics for executives.
 
 
All those meetings and so called firm element requirements including ethics and they have the gall to state the above. Do as I say, clearly not as I do.
 
Hypocrisy illustrated again.
 
 Spiff, you are a good person and probably a good rep, get out while you can.
Dec 7, 2007 3:52 pm

And just think they had to get rid of the "No panties Friday" guy...assholes!!

Dec 7, 2007 6:06 pm

There is also 1) No Employee Handbook; 2) No Job Descriptions for Home Office Associates or General Partners; 3) No Written Policies- only Courtesy Rules .......

Dec 7, 2007 8:14 pm

I should call AG Spitzer and call for a formal investigation.



"This just in...Edward Jones is being investigated for having (gaaaasp) NO EMPLOYEE HANDBOOK!"



You guys need a new hobby.

Dec 7, 2007 11:49 pm
Broker24:

I should call AG Spitzer and call for a formal investigation.

"This just in...Edward Jones is being investigated for having (gaaaasp) NO EMPLOYEE HANDBOOK!"

You guys need a new hobby.

 
From the 2004 10-K the following was added
 
"The Partnership does not have a formal code of ethics for executives. It relies on the core values and beliefs of the Partnership as well as the Partnership Agreement. The Partnership is in the process of developing a code of ethics and program."
 
then for 2005 they just repeated the above, and for last year they dropped
 
"The Partnership is in the process of developing a code of ethics and program."
 
I guess it's difficult  to develop a code ethics for yourselves.
 
Dec 8, 2007 9:35 am

The late William Hood, Regional Leader in Tennessee for Edward Jones, he was a GP.  I believe the lawsuit said he might have worked with the CPA Bell to defraud as much as 14 million from the clients....Well thank God relies on the core values and beliefs of the partnership as well as the Partnership Agreement...Hey Jim how's that working for ya?

Dec 8, 2007 9:24 pm
Roadhard:

The late William Hood, Regional Leader in Tennessee for Edward Jones, he was a GP. I believe the lawsuit said he might have worked with the CPA Bell to defraud as much as 14 million from the clients....Well thank God relies on the core values and beliefs of the partnership as well as the Partnership Agreement...Hey Jim how's that working for ya?





I can't believe it. I financial advisor that actually turned out to be a dirtbag. Thought it would never happen in our industry.....



Hey, how's Frank Julian Bluestein doing? Wasn't he another Edward Jones schister? Oh, no, that's right, he was.......independant.



Folks, it doesn't matter what firm you're at. It doesn't matter if you're independant, or at Edward Jones, or at Morgan Stanley. It doesn't matter if you have a formal "code" of ethics. Putting it in writing won't stop someone from being a criminal if they are going to be.

Dec 9, 2007 10:00 am
Broker24:






Folks, it doesn't matter what firm you're at. It doesn't matter if you're independant, or at Edward Jones, or at Morgan Stanley. It doesn't matter if you have a formal "code" of ethics. Putting it in writing won't stop someone from being a criminal if they are going to be.





Quite right B24.



The fact is that in the current environment we're all one (deliberate or inadvertent) trade from an arbitration.

Dec 9, 2007 2:29 pm

So, foot are we to assume then that you have your own personal code of ethics written down for the world to see?  I'd guess that there are very few people who have actually taken the time to write down what their code of ethics is.  We all think that we are generally good people and find it borderline insulting when we have to take tests and classes to tell us what our ethics should be. 

 
Ed Hood was a sad example of greed and stupidity.  A guy who was a successful FA and GP, who made boatloads of legal money getting greedy and thinking he would never get caught.  I think in the next Uptick they should publish his story, with no punches pulled.  Just so we can all learn something.  Instead what they'll do is try to write a bunch of checks and make the situation go away.  No lessons are learned by that.  Except that if you have a big enough checkbook you can fix anything.  That lesson was one that was learned in this industry a long time ago. 
Dec 9, 2007 4:33 pm
Spaceman Spiff:

So, foot are we to assume then that you have your own personal code of ethics written down for the world to see?  I'd guess that there are very few people who have actually taken the time to write down what their code of ethics is.  We all think that we are generally good people and find it borderline insulting when we have to take tests and classes to tell us what our ethics should be. 

 
Ed Hood was a sad example of greed and stupidity.  A guy who was a successful FA and GP, who made boatloads of legal money getting greedy and thinking he would never get caught.  I think in the next Uptick they should publish his story, with no punches pulled.  Just so we can all learn something.  Instead what they'll do is try to write a bunch of checks and make the situation go away.  No lessons are learned by that.  Except that if you have a big enough checkbook you can fix anything.  That lesson was one that was learned in this industry a long time ago. 
What is his story , Spiff??
Dec 10, 2007 8:38 am

Space-



You are first in line to be THE mangaer of the kool aid stand.



If you weren't so damn blind to reality (I actually thought you were intelligent until your last response), you might actually have a concious or your own ethics would cause you to question why you are asked to do something annually,(remember two hours of your life and a 10 question test) and your management says in effect, DO AS I SAY, NOT AS I DO.



If you can tolerate the constant ying-yang of management, maybe there is hope for you to make to the promised land....





It's just hard to believe that you define that goal as becoming one of them.







Dec 10, 2007 9:32 am

Spiff, come on!!  You expect to compare Ed Jones vs Foots as who should have an ethics code of conduct?  You're really reaching this time.  There IS a reason they don't have one and I assume it has to do with the last MP and the one before him.  That is laughable. 


Hey I read in a mag I just received about Van Pearcy...why would a guy that large leave Jones with ALL those wonderful perks, such as: Turkeys, autographed photos, ST Louis Rams starter jacket..etc.
Dec 10, 2007 10:00 am

One last comment Mr. Spiff and then I am done with you...


 
My code of ethics wouldn't allow me to continue to work for Jones. I couldn't represent people I did not trust.
 
 
Dec 10, 2007 10:29 am
bspears:

And just think they had to get rid of the "No panties Friday" guy...assholes!!


 
I really liked NO PANTIES fridays.. When did they cancel it??? It started a trend- now I don't wear panties all weekend.. j/k 
Dec 10, 2007 10:35 am

As you might understand Miss Jones, I can't take your word as gospel.  However, a few pictures would clear the air....just a thought.

Dec 10, 2007 10:36 am

I see on the weather report, St Louis is iced in so Spiff is not responding because he can't get his damn login working from home. 

Dec 10, 2007 12:01 pm

No, spears, just too busy making money this morning to waste that much time with you goofballs.

 
I noticed that foot didn't actually answer my question.  I would assume that means he doesn't.  I think I can expect him to have his own.  After all, if he is an independant, he runs his own shop.  He's the owner, manager, FSD, etc.  I would expect him to have an employee handbook, code of ethics, etc for his own business.  However, if he doesn't I don't think it makes him unethical.  It just makes him think like everyone else that because he believes himself ethical, that should be enough.  I would assume he also has to take ethics tests like he used to at Jones.  So, those should be enough.  He's good.  Never going to be any problems.   
 
You can't dictate ethics.  If a person is unethical, he's going to be unethical whether you make him sign his name to a code of ethics agreement or not.  He's not going to follow it anyway, so what's the point. 
 
Now if Jones didn't have a compliance manual, then we would have a discussion.
 
Oh yeah, spears, you're actually answering your own question on the Van Pearcy thing.  Van was the no panty guy. 
Dec 10, 2007 12:20 pm

Miss Jones, A photo is worth a thousand words! 

 
Spiff, you are somewhat right--however, a company the size of Jones can't make statements about ethics unless they are going to follow up the statement with written ethics guidelines...As far as bad people--you are right they are in every firm--Jones, ML, Jones, SB, Jones, Indy, Jones!  When I was at Jones I reported to FS a incident where the Regional Leader told a client that their bond got called--when in fact he sold it out...nothing was ever done about it!!! He still made GP!
 
Let me tell you how easy it is to do at Jones---All Comfirms are done at the branch office when someone sells out a bond---it FA just waits until the BOA goes to lunch to make the trade and grabs all the paperwork!  Nothing goes to the client...also at Jones when a bond does get called or matures there is no comfirms!  Now at LPL the client gets a comfirm mailed from the home office on all trades, maturities, and calls---so the client's paperwork can not get intercepted....Nothing protects the client at Jones.  This something that could be fixed by having all comfirms mailed from St Louis instead of the branch office---but in the past Jones wanted the FA spend the money to mail the comfirm.
 
 
Dec 10, 2007 12:24 pm

Spiffy-

 
By the way, not only do I have an employee manual, I have disability insurance and life insurance in case I die and a real succession plan. Tell me you have that....who succeeds you, just another company rep who thinks they know the business and industry.  And your hard earn worked got you bubkas.
 
Go earn your net 28-30% (that would be calculated after all expenses) and don't bother me anymore. Here is the distinction. I don't ask, excuse me, demand that my employees go through ridiculous ethics training (probably a GP's spouse who owns the company training the FA's!) wasting a couple of hours a year. 
 
Do you even have a clue what your time is worth?
 
 
Dec 10, 2007 12:30 pm

WHAT?? Van was the panty man??  I thought he was on the west coast.  Is that what it takes to have a huge book....NO PANTIES FRIDAY....YAHOOOOO

Bpsears diary;
12/10/2007  I made an update to marketing plan today.  I will add no panties Friday to the list of things to implement in 2008.  This should quadruple my assets this year.  Can't wait.