Knows Wall Street,
To correct wrong or misleading information is not unethical, its the right thing to do, every check your credit report? Credit card companies have opinions to, but it does not make it a correct relfection on credit history as we all know. Just because someone is in management, does not make them right.
I do not disagree--and actually I was talking more about the attorneys who take cases such as yours. They are Wall Street's equivalent of a guy who fixes traffic tickets and gets you off on a DUI.
The problem, in your case, is this. You were in the business for only a few months so of course your production was insignificant.
I don't disagree with the fact that that assessment is unfair.
What I am asking is why not just solve it yourself? All you'd have to do is drop by and chat with your ex manager for about two minutes.
Why in the world would you pay a lawyer to do that for you?
[quote=Knows Wall St.]
What I am asking is why not just solve it yourself? All you’d have to do is drop by and chat with your ex manager for about two minutes.
Why in the world would you pay a lawyer to do that for you?[/quote]
Actually, he's already tried that. His former manager has left the firm, and the new guy is not interested in fixing the problem.
[quote=Knows Wall St.]
The whole story doesn’t pass the smell test.[/quote]
I’m not saying you’re wrong. I have no reason to believe this story until I see the ‘written proof’ and do a little digging myself.
I certainly won’t bring this up with one of my clients until I’m 100% convinced.
But I’m willing to give the kid a chance.
I am willing to give the kid a chance, too.
Kid, do a GOOG(le) search on this e-mail address:
If you are for real and not blowing smoke over here, then e-mail me and I will try to help you.
FD: not a headhunter, not with a wirehouse, not shilling for any lawyer or lawfirm.
IF the kid's legit and not a front to trash the NASD, then I will find out what NASD district the kid's in and also what wirehouse might have stiffed him. Then IF the kid's legit, I might chat with his former regional manager or the DA of the NASD district and get this problem RESOLVED without the kid having to pay off a LAWYER.
IF the kid's blowing smoke, then shame on him or her. I won't lift a finger.
Should we call her "Mistress Yolanda"?: The Wall Street Journal has a piece on corporate Gadfly Yolanda Holtzee who seems to have the ear of regulators owing to her excellent instincts on corporate shenanigans. A quote from her made us laugh:
"I wish I were a securities regulator sometimes. I would very much enjoy levying fines on StanLEH Morgan and making Gary Lynch cry like a baby!" she wrote in a March email to a number of SEC officials. Morgan Stanley has recently drawn regulatory fire for its inability to produce documents in a number of cases, a subject Ms. Holtzee has focused on. Mr. Lynch is Morgan Stanley's chief legal officer and a former regulator.
In 2004, months before Krispy Kreme Doughnuts stock tanked amid an accounting scandal, securities regulators were getting an earful about the company from a 50-year-old Seattle woman who collects stuffed animals and uses the email handle LoveLEHGirl.
Yolanda Holtzee spends her days writing to the country's top stock cops and corporate executives. A money manager by trade, she devours news and surfs Internet chat rooms befriending stockbrokers and middle managers. She digs for dirt, passing on some of the tidbits she gets to regulators and journalists, sometimes well before they become public information....
Wall Street is full of corporate gadflies, many of whom agitate for corporate-governance reform or focus on arcane bylaw changes. Ms. Holtzee, a self-styled Internet investigator in sweatpants, focuses on exposing out-of-bounds behavior and catching bad guys. And after pointing regulators in the right direction more than once, Ms. Holtzee has achieved two things every gadfly craves: attention from those she targets -- and action.
"I think people take her seriously because she has good instincts and actually produces cases," says former senior SEC official Ari Gabinet, now an executive at Vanguard Group Inc., the fund management giant. "If I could have hired her, we would have had an endless stream of cases."
Ms. Holtzee swaps notes with regulators, including the enforcement chiefs at both the SEC and another Wall Street regulator, the National Association of Securities Dealers, according to people familiar with the matter. The SEC and NASD review her emails. Earlier this year, when Mary Schapiro was appointed to head the NASD, the Wall Street self-regulatory group gave Ms. Holtzee an early heads up, according to people familiar with the matter. She has been called by the SEC to testify in Washington, and a software firm sued her for her negative comments in an Internet chat room. The case was dismissed.
In February, she sent an email to Jefferies Group CEO Richard Handler to say she loved Jefferies stock but was sorry that he, Mr. Handler, had been born with a silver spoon in his mouth: "A silver spoon?" he fired back, saying he went to public schools and worked as a waiter on summer breaks. "I had a great upbringing and have zero complaints, but a silver spoon was not part of the picture." She apologized for the mischaracterization. On her Yahoo user profile, she lists her hobbies as: "Making $$$ for my clients" and for Bear Stearns Cos., Lehman Brothers Holdings and Jefferies, three of her favorite stocks.
Ms. Holtzee was born in Wisconsin and says she has a graduate degree from the University of Southern California in operations management. She has held a number of management jobs in the metal-packaging industry. In 1998, hoping to make more cash, she began managing money, she says, for a handful of wealthy individuals. She says she stopped taking in new investors in 2000 and won't disclose her firm's assets under management or its performance.
Ms. Holtzee refers to her company, Alcap LLC, as an "investment club" and says she employs two traders in Connecticut and a compliance officer. She works out of her house, which she shares with a friend. Her home is littered with cat paraphernalia, including a cat night light, kettle and cookie jar, and she has six actual cats, including two named Star and Buck, to keep her company.
Her trading is focused on a handful of sectors: beer and beverages, metals and financial services. She tends not to send emails on companies she owns and says she discloses her interest when she does. Despite her slashing emails, she is reserved in person. She seldom phones the people she corresponds with, and few have met her. In fact, some regulators have wondered whether Ms. Holtzee, despite her online name, might be a man....
I hate those WSJ ink sketchings!
Seriously, if this kid's telling the truth there's NO reason for his or her U-5 to reflect something which isn't the truth and maybe (all depends on which wirehouse/NASD District) I can help him or her without having to bring a lawyer in. There are good and bad regional managers at all wirehouses. Some NASD Districts are better than others with respect to the Director being into "fair play."
My advice to the kid if he or she is telling the truth and the current BM won't change that U-5 to reflect the truth is try the regional manager and be to the point about what happened. If he or she isn't taking a book out to a competitor, why should the regional manager not want his or her U-5 to reflect the truth and let the kid move on and make a living someplace else?
I agree. On an unrelated topic, I’m trying to figure out if you’re more investment manager or moral crusader?!! At any rate, keep up the good fight!
Both....and the SEC and I get along very well now after we cleared up a little "misunderstanding" as to "no need to issue subpoenas" if they want to chat!
Thanks and I enjoy crusading a little in my spare time.