Comments on: Ignorance Defense Works on Wall Street http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/ Sat, 20 Mar 2010 07:08:43 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Doc99 http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1277329 Doc99 Mon, 16 Nov 2009 15:30:33 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1277329 Ignorance works on Wall Street? Heck it worked for "Turbo Tax" Geithner. Ignorance works on Wall Street? Heck it worked for “Turbo Tax” Geithner.

]]> By: elaine http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1277307 elaine Mon, 16 Nov 2009 07:30:40 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1277307 Never invest in something you do not understand Never invest in something you do not understand

]]> By: elaine http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1277305 elaine Mon, 16 Nov 2009 07:21:55 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1277305 I doubt the investor "identified himself as a sophisticated investor", what happened more than likely is the broker, upon knowing the investor had a large sum to invest prompted him to "talk up" his real estate acumen & got him to say on tape he had a million+bucks, these clowns will even try to count your home toward that magic number of $1,000,000, the total is really all it takes for FINRA to bless you being thrown to the wolves. You could be totally sophisticated if you don't have at least a million bucks FINRA doesn't approve of you being put in super risky investments. Guess they figure if you managed to get your hands on a million you can afford the haircut. What kind of reasoning is that? FINRA is a joke. However to be fair, how could the broker have known the markets would melt down in 08? One of the morals of the story is never invest more than you can afford to loose. I doubt the investor “identified himself as a sophisticated investor”, what happened more than likely is the broker, upon knowing the investor had a large sum to invest prompted him to “talk up” his real estate acumen & got him to say on tape he had a million+bucks, these clowns will even try to count your home toward that magic number of $1,000,000, the total is really all it takes for FINRA to bless you being thrown to the wolves. You could be totally sophisticated if you don’t have at least a million bucks FINRA doesn’t approve of you being put in super risky investments. Guess they figure if you managed to get your hands on a million you can afford the haircut. What kind of reasoning is that? FINRA is a joke. However to be fair, how could the broker have known the markets would melt down in 08? One of the morals of the story is never invest more than you can afford to loose.

]]> By: Ladydawnelle http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1277257 Ladydawnelle Mon, 16 Nov 2009 00:15:56 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1277257 LOL, French your name always reminds me of how BADLY I need a manicure!! LOL, French your name always reminds me of how BADLY I need a manicure!!

]]> By: Ladydawnelle http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1277256 Ladydawnelle Mon, 16 Nov 2009 00:14:08 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1277256 ahh there is the rub ;-) ahh there is the rub ;-)

]]> By: FrenchNail http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1276057 FrenchNail Thu, 12 Nov 2009 02:13:37 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1276057 Larry. Spamy ate my comment again. It is getting impossible for me to post at NQ. Larry.

Spamy ate my comment again. It is getting impossible for me to post at NQ.

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1276011 Ellen D Thu, 12 Nov 2009 00:18:46 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1276011 oops "theirs". oops “theirs”.

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1276007 Ellen D Thu, 12 Nov 2009 00:16:17 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1276007 But Larry, if they are responsible for the tape couldn't it get "lost"? I guess I have Rosemary Woods syndrome. If I'm the one that wants the record, I'd be happier if the record were in my hands, not there's. But Larry, if they are responsible for the tape couldn’t it get “lost”? I guess I have Rosemary Woods syndrome. If I’m the one that wants the record, I’d be happier if the record were in my hands, not there’s.

]]> By: Larry Doyle http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1275934 Larry Doyle Wed, 11 Nov 2009 19:45:32 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1275934 Ellen, My point in regard to the taped lines is that you as the investor want your conversations with your brokers on a taped line. The taped line would not be on your end but on their end. Obviously the broker would need to inform you that the line is taped. Moreover I would recommedn that the investor request a taped line so nothing the broker tells you is lost or open to misinterpretation. Ellen,

My point in regard to the taped lines is that you as the investor want your conversations with your brokers on a taped line. The taped line would not be on your end but on their end. Obviously the broker would need to inform you that the line is taped. Moreover I would recommedn that the investor request a taped line so nothing the broker tells you is lost or open to misinterpretation.

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1275922 Ellen D Wed, 11 Nov 2009 18:49:57 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1275922 Point taken, but don't we then have the big banks creating Government policy? Is the choice between possible ineptitude and possible conflict of interest? Point taken, but don’t we then have the big banks creating Government policy? Is the choice between possible ineptitude and possible conflict of interest?

]]> By: Unabashed Galt http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1275912 Unabashed Galt Wed, 11 Nov 2009 18:32:27 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1275912 <blockquote>If the answer is yes, why doesn’t the U.S. have one?</blockquote> My guess is, based on the ineptness of our government, we are better off nor having one? :)

If the answer is yes, why doesn’t the U.S. have one?

My guess is, based on the ineptness of our government, we are better off nor having one? :)

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1275847 Ellen D Wed, 11 Nov 2009 16:13:06 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1275847 I am not trained as a financial person so I'd like to ask you, who are, to please educate me. As I understand it, the U.S. government doesn't have a National Bank. The Fed is a conglomeration of large banks, is that right? Do most Western countries have National Banks that are government controlled? Bank of England? Bank of Canada? If the answer is yes, why doesn't the U.S. have one? Thanks, guys. I am not trained as a financial person so I’d like to ask you, who are, to please educate me.

As I understand it, the U.S. government doesn’t have a National Bank. The Fed is a conglomeration of large banks, is that right?

Do most Western countries have National Banks that are government controlled? Bank of England? Bank of Canada?

If the answer is yes, why doesn’t the U.S. have one?

Thanks, guys.

]]> By: mountainaires http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1275839 mountainaires Wed, 11 Nov 2009 15:59:46 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1275839 Thanks LD, What about municipalities or pension funds that get sucked into these "investments?" Can they bring action as an entity, and perhaps gain more "standing"? It's always the same. The game is rigged. They're all trading on inside information, that investors aren't privy to, and even when they're brought to trial over it, they can't be held accountable. I am not in the "market" anymore, and have given up on the illusion of "investing" as a financial strategy. <strong>Why is this man still here? </strong> ;-) http://www.businessinsider.com/aig-ceo-robert-benmosche-must-be-fired-immediately-2009-11 Thanks LD, What about municipalities or pension funds that get sucked into these “investments?” Can they bring action as an entity, and perhaps gain more “standing”?

It’s always the same. The game is rigged. They’re all trading on inside information, that investors aren’t privy to, and even when they’re brought to trial over it, they can’t be held accountable. I am not in the “market” anymore, and have given up on the illusion of “investing” as a financial strategy.

Why is this man still here? ;-)

http://www.businessinsider.com/aig-ceo-robert-benmosche-must-be-fired-immediately-2009-11

]]> By: Ellen D http://www.noquarterusa.net/blog/2009/11/15/ignorance-defense-works-on-wall-street/#comment-1275836 Ellen D Wed, 11 Nov 2009 15:48:55 +0000 http://www.noquarterusa.net/blog/?p=35924#comment-1275836 <blockquote>1. Make sure your conversations with your sales reps are on taped lines.</blockquote> Please be aware that in many states it is illegal to tape someone unless you tell them they are being taped. So, start off every taped conversation by telling them they are being taped, to make sure there is no misunderstanding. If they object, that should send a red flag up right there. I also object to the government settling any cases with Wall Street firms that don't involve them admitting their wrongdoing. That is the whole point of suing them. The money means nothing to them.

1. Make sure your conversations with your sales reps are on taped lines.

Please be aware that in many states it is illegal to tape someone unless you tell them they are being taped.

So, start off every taped conversation by telling them they are being taped, to make sure there is no misunderstanding. If they object, that should send a red flag up right there.

I also object to the government settling any cases with Wall Street firms that don’t involve them admitting their wrongdoing. That is the whole point of suing them. The money means nothing to them.

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