financial interests

/Tag:financial interests

Wells Fargo is Getting Downright Scary

The big banks all use the same four tactics when they get caught cheating their clients.

First, they use spin to offset bad publicity. For example, […]

By |October 28th, 2016|Categories: Opinions|Tags: , , , |0 Comments

Paladin’s Registry of Financial Advisors is a Free Service for Investors

The world’s first financial advisor directory was the Yellow Pages®. All you had to do was thumb through the pages until you found the listings […]

Post-JP Morgan – Still Believe a Universal Fiduciary Standard Not Needed?

A recent study provided a list of various things that one could buy with the $33 billion dollars in fines that have been assessed against […]

New Year’s Resolution: Invest for Retirement More Responsibly

You cannot turn your assets over to a financial advisor and hope you achieve your retirement goals. You have to take more responsibility for the choices you make. Blind faith produces hidden risks that can undermine the achievement of your goals for a secure, comfortable retirement. […]

By |December 31st, 2013|Categories: Retirement|Tags: , , , , , |0 Comments

Weighing In: Friendly Financial Advisors are Dangerous!

This investor and her friends and neighbors were victimized by a friendly financial advisor who was also a criminal. See For Retirees, Investment Fraud Can Have a Friendly Face.  The good news is this type of criminal theft is a fairly rare occurrence. What is not so rare is legal fraud by licensed financial advisors. This occurs when financial advisors put their financial interests ahead of their clients, sell bad products that pay big commissions, and misrepresent or omit pertinent information about themselves. For example, they neglect to tell you six weeks ago they were selling used cars at Joe’s, but now they represent themselves as trustworthy financial experts.

This type of sales activity, legal or illegal, takes advantage of human nature. If a financial advisor can get you to like him, he knows you inherently trust people you like. Once trust is established the financial advisor can sell you anything including illegal Ponzi schemes and bad investment products that pay big commissions. To make matters worse, these advisors may belong to your organizations (church, country club). Bernie Madoff used this sales tactic. Now they are likable and you have a common interest (also called affinity marketing). This is why some of the biggest frauds in history have occurred in churches. […]

Weighing In: Wall Street Wins Again!

Citigroup received billions of dollars in public assistance for a problem it helped create. Now, according to Jonathan Weil at Bloomberg, see What’s Inside the Government’s Deal with Citigroup? the U.S. Federal Housing Finance agency has decided to settle its case against Citigroup. And, as part of the settlement, the government has agreed to not disclose the terms of the settlement to the public.

Let me make sure I understand this. Citigroup violates securities laws and misrepresents data that creates billions of dollars of losses for American taxpayers. It has been investigated by a government agency that decided a settlement is in the public interest. However, the public does not have the right to know the terms of the settlement.

The government used taxpayer money to bail out Citigroup.  It used taxpayer money to conduct the investigation.  And it tells taxpayers they have no right to know the details of the settlement. The stench from this closed-door deal takes the collusion between Wall Street executives and their political allies to a new level. […]

By |June 12th, 2013|Categories: Wall Street|Tags: , , , |2 Comments