Galvin Accuses Morgan Stanley

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Sep 13, 2007 3:02 am

of Deceptive Sales Pracitices (by Jennifer Levitz of the WSJ)?

Anyone else seen this one yet? It's a screamer.

William F. Galvin is in Massachusetts. He's this decades version of Eliot Spitzer minus the hype.

Career Builder is a jobs' website. They're the ones with Monk-E-Mail (very clever stuff).

If anyone wants a copy they may e-mail me at [email protected]

FD: not with LEHman Brothers

Happy New Year to those of you who can't wait for January 1st, 2008.

Sep 13, 2007 9:04 am

Maybe we ought to leave this business to all the AG's.

Sep 13, 2007 9:28 am

Poor AJ. Guy was only doing 150 in 02, came up w/game plan, worked his butt off, executed and now Morgan’s going to let him go because of Galvin.

Sep 13, 2007 10:02 am

sounded like a genuis idea.

The company wants you to build a business and getting IRA rollovers is a great way. I just don't know how you can  call someone on their cell phone in a different state when you do not know them.

Poor guy. I will hire him. IM me with his info

Sep 13, 2007 10:04 am

what firm?

Sep 13, 2007 11:11 am

There are a couple of things going on here, net me attempt a SWAG (scientific wild @ss guess) that them....<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

MS seems to have violated the agreement with Career Builder (not an issue for the AG, it seems to me). BFD. Career Builder and MS can work that out.

The thing about trying to hide caller ID I believe is bogus and comes from the phone system, not some organized attempt to hide anything. When my assistant calls me when I'm out of the office the call goes out on a trunk line, and not her own, so my caller ID doesn't pick it up. I'm willing to bet that’s the root cause of the caller ID issue.

Where MS, the branch manager and the rep have a problem is the NDCL. Those numbers have to be screened, and the system they have to go through is arcane and awkward enough that some people are tempted to ignore it. They do so at their own peril. I’ve always thought the system was almost impossible to use and that MS didn’t care about making it more user friendly because they only had it at all as a CYA.

BTW, why slur the AG as a “Spitzer”? He sounds like a knucklehead to me, but there’s no proof that I see that he’s the smarmy, unethical and self-serving @##^**) that Spitzer is.

Sep 13, 2007 11:20 am

BTW, I loved this part;

The Massachusetts securities regulators say the "over-emphasis" on a high number of sales calls came from Morgan Stanley at the national level. The company urged new financial advisors and trainers "to make a minimum of 100-200 'dials' per day to prospects," the complaint says.

According to the complaint, when a trainee in Boston complained about the emphasis on sales, Mr. Rhodes replied, "I love people that have excuses for their failures. This business is what it is" and suggested to the national training manager that the complainer "will probably have a difficult time in the program."


How that's grounds for legal action against ANY company is beyond me...

Sep 13, 2007 11:20 am

all the mortgage mess and they are still going after our business.

we have a real estate guy on the radio down here that advertises mathmatical models that generate 56% annual returns for his clients by leveraging your home and buy more real estate. he is a mortgage broker and no one says anything about him. How many people has he sent into bankruptcy?

if i sell a mutual fund, in a fee based account and buy another, i need to get approval......??????

this is crazy