Comments on: More Stock Broker Hard Sell http://www.coyoteblog.com/coyote_blog/2007/04/more_stock_brok.html Dispatches from a Small Business Sun, 12 Feb 2012 09:39:47 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Duane Gran http://www.coyoteblog.com/coyote_blog/2007/04/more_stock_brok.html/comment-page-1#comment-5282 Duane Gran Tue, 17 Apr 2007 19:39:15 +0000 http://coyote-blog.com/wordpress/2007/04/more_stock_brok.html#comment-5282 <p>Investments are a peculiar commodity to sell, but most people in the finance industry long enough learn that it is a relationship business. Many people can improve their rate of return and make wiser financial decisions by using an adviser, but the best relationships are with a fiduciary. They are legally obligated to put your interests first.</p> Investments are a peculiar commodity to sell, but most people in the finance industry long enough learn that it is a relationship business. Many people can improve their rate of return and make wiser financial decisions by using an adviser, but the best relationships are with a fiduciary. They are legally obligated to put your interests first.

]]> By: Mike http://www.coyoteblog.com/coyote_blog/2007/04/more_stock_brok.html/comment-page-1#comment-5281 Mike Sat, 14 Apr 2007 04:49:23 +0000 http://coyote-blog.com/wordpress/2007/04/more_stock_brok.html#comment-5281 <p>I believe, as the owner of a small business, someone has put a big sign on my back that says "Sucker." While this label may be well deserved, I still don't buy anything over the phone. If they're not selling stock, they want to sell me merchant processing (with a big cash advance just for signing on).</p> <p>My favorite of the too good to be true offers is the one week vacation in the Bahamas for $99. This deal comes in routinely over my fax machine. The offer includes airfare from Dallas. I laugh when I think of what a real hotel in the Bahamas that has a weekly rate of $99 would look like. Can you imagine the size of the bugs?</p> I believe, as the owner of a small business, someone has put a big sign on my back that says “Sucker.” While this label may be well deserved, I still don’t buy anything over the phone. If they’re not selling stock, they want to sell me merchant processing (with a big cash advance just for signing on).

My favorite of the too good to be true offers is the one week vacation in the Bahamas for $99. This deal comes in routinely over my fax machine. The offer includes airfare from Dallas. I laugh when I think of what a real hotel in the Bahamas that has a weekly rate of $99 would look like. Can you imagine the size of the bugs?

]]> By: Mesa EconoGuy http://www.coyoteblog.com/coyote_blog/2007/04/more_stock_brok.html/comment-page-1#comment-5280 Mesa EconoGuy Fri, 13 Apr 2007 01:28:06 +0000 http://coyote-blog.com/wordpress/2007/04/more_stock_brok.html#comment-5280 <p>I work in the securities industry, and I’ve never heard of this Olympia Asset Management. Not that they’re necessarily the same firm, but there’s a major red flag right away on the website – their order routing reports aren’t up-to-date. All broker-dealers are required to post quarterly reports on what they did with orders sent to them under Reg NMS Rule 606 (the old 11AC1-6 rule). The most recent one I can find on this site is Q1 2003.</p> <p>Many firms are using terms like “Asset Management,” “Capital Management,” “Capital Markets” and other euphemisms to sucker people into believing they are established firms. And this doesn’t excuse the behavior of some of the bigger old-line Wall St. houses, either.</p> <p>Most of these people are small-time penny stock pushers (you sometimes get this stuff in the mail) who use Yahoo bulletin boards and the like to generate “buzz” in pump and dump schemes.</p> <p>There are very specific things you can and cannot say on the phone, and at seminars and public presentations, about performance, investment costs (commissions), and related. My guess is this is probably some boiler room</p> <p>http://www.imdb.com/title/tt0181984 </p> <p>operation, and they’ll probably be out of business in 6-12 months, or whenever the SEC gets to them. <br /> </p> I work in the securities industry, and I’ve never heard of this Olympia Asset Management. Not that they’re necessarily the same firm, but there’s a major red flag right away on the website – their order routing reports aren’t up-to-date. All broker-dealers are required to post quarterly reports on what they did with orders sent to them under Reg NMS Rule 606 (the old 11AC1-6 rule). The most recent one I can find on this site is Q1 2003.

Many firms are using terms like “Asset Management,” “Capital Management,” “Capital Markets” and other euphemisms to sucker people into believing they are established firms. And this doesn’t excuse the behavior of some of the bigger old-line Wall St. houses, either.

Most of these people are small-time penny stock pushers (you sometimes get this stuff in the mail) who use Yahoo bulletin boards and the like to generate “buzz” in pump and dump schemes.

There are very specific things you can and cannot say on the phone, and at seminars and public presentations, about performance, investment costs (commissions), and related. My guess is this is probably some boiler room

http://www.imdb.com/title/tt0181984

operation, and they’ll probably be out of business in 6-12 months, or whenever the SEC gets to them.

]]> By: John http://www.coyoteblog.com/coyote_blog/2007/04/more_stock_brok.html/comment-page-1#comment-5279 John Thu, 12 Apr 2007 20:48:35 +0000 http://coyote-blog.com/wordpress/2007/04/more_stock_brok.html#comment-5279 <p>When these boneheads call, I like to ask them for a specific recommendation for today. When they give it, I say "sounds like a good short" and usually _they_ hang up.<br /> </p> When these boneheads call, I like to ask them for a specific recommendation for today. When they give it, I say “sounds like a good short” and usually _they_ hang up.

]]> By: Sol http://www.coyoteblog.com/coyote_blog/2007/04/more_stock_brok.html/comment-page-1#comment-5278 Sol Thu, 12 Apr 2007 18:59:44 +0000 http://coyote-blog.com/wordpress/2007/04/more_stock_brok.html#comment-5278 <p>I thought the sleazy modern way of doing this was to call a batch of people, giving half one side of the prediction and half the other. Then you look at how the stock actually did and only call the half of the group you gave the correct prediction to...</p> I thought the sleazy modern way of doing this was to call a batch of people, giving half one side of the prediction and half the other. Then you look at how the stock actually did and only call the half of the group you gave the correct prediction to…

]]> By: Debt Collection http://www.coyoteblog.com/coyote_blog/2007/04/more_stock_brok.html/comment-page-1#comment-5277 Debt Collection Thu, 12 Apr 2007 18:09:23 +0000 http://coyote-blog.com/wordpress/2007/04/more_stock_brok.html#comment-5277 <p>That's Funny, I had heard that felons only went to work for collection agencies. :)</p> <p>Steve</p> That’s Funny, I had heard that felons only went to work for collection agencies. :)

Steve

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