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Apr 24, 2006 8:14 pm

[quote=Revealer]Muny: "Talk" to me about one of the original jones scandals, namely, perhaps a 20 yr. ago article in Forbes titled "Jonestown". Article described how the GPs @ jones were allowed to bail on a Petro-Lewis (name from the past) partnership while jones left their customers holding the bag. (NOT the "most ethical" thing to do,ya'know). I'd really like to have a copy of that article. This jones s**t isn't anything new. [/quote]

AHHH, 1982 . Quoted as "One of the darkest periods of my watch" by John Bachmann. Edward Jones had been 'enthusiastic promoters' of the failed company's bonds. When Baldwin Company went bankrupt, taking along with them millions of Edward Jones Investor dollars with them, there were rumors of JOnes brokers being run out town and threats of tar and feathering. Slick Johnny consulted with Peter Drucker who reminded him that "You can't control the Universe- get over it". And from that experience and insight came the Investment Product Review Department. And guess what? Revenue from 'safer' investment products  went up up up from there....

Apr 24, 2006 9:05 pm

I think there was another one called Energy Management from the ealy 80's...paid something like 14% interest and then went belly-up.  Jones paid two of my current clients (and a bunch of other folks) about five pennies on the dollar.  Class action attys got about the same.  Anyone else run into that one?

Apr 24, 2006 9:27 pm

AHHH, 1982 . Quoted as "One of the darkest periods of my watch" by John Bachmann. Edward Jones had been 'enthusiastic promoters' of the failed company's bonds. When Baldwin Company went bankrupt, taking along with them millions of Edward Jones Investor dollars with them, there were rumors of JOnes brokers being run out town and threats of tar and feathering.

I have to ask someone who obviously knows alot...is this the scandal that brought Doug Hill working as an IR in the field to the safety of the home office to keep his bacon from burning? I heard tell that's what brought him to the home office.

Apr 28, 2006 12:22 am

Billy Bob,

While I may not be nearly as funny or as old & gray as you are, I am clearly more intelligent than you are.  I won't mentor you though...so don't ask.

If you will notice, I don't really bash Jones.  I merely point out facts since I spent ten years there and had the courage to open up my own office and go indy.  And I rarely tout RJ.  It is much more than the firm you are at.  It is the flexibility and freedom you have in running an office that you can truly call your own.

And yes old man, you are right--I do make more money than you.  Probably the last time you made more money than me is when I was in college waiting on tables and you managed the local used car lot in your town.

Apr 28, 2006 2:20 am

Devoted: You mean poor ole Dougie can’t go back to Wellington,KS to retire? You mean someone might kick his a** @ the coffee shop for selling them those “touchdown” bonds of Petro/Baldwin/Gambles??   fight