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Pastimes : CNBC -- critique.
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To: Ted David who wrote (7585)3/25/2001 10:05:08 AM
From: Margaret Mateer  Read Replies (1) of 17683
 
a snippet from Richard Russell this weekend:

The awful truth is that Wall Street doesn't care about you, Wall Street
cares about your money. Wall Street isn't interested in conserving your
assets, Wall Street is interested in getting control of your assets.
Everything about Wall Street is directed towards selling you merchandise and
in getting control of your assets. Brokerage house managers ask their
brokers, "How are your sales?" They don't ask, "How are your customers
doing?"

..........isn't it about time interviews of these "experts" including the question "how are your customers doing?" - no number cooking please - just the facts. last 6 mos, last 12 months are most useful. we don't want to hear "experts" tell us how well their customers will be doing in 5 years or 10 or 20 years! ("safe" to say because markets always go up - rofl - and, if that's the case, why would we need their advice anyway?) and using the edgy excuse that "our clients aren't daytraders" which is a transparent and cheap attempt to divert focus from their absolute failure to fulfill their responsibility as "financial consultants"! imagine if your doctor failed to recognize an odd looking mole or an unusual weight loss... well, the signs were all there and plenty of "daytraders" saw it. what is really disgusting is that these investment banks and brokerages saw it too and kept on recommending their "clients" buy stocks as their own trading desks raked in the profits going short.
oh well.
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