Ask Michael Burke Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Ask Michael Burke

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Dennis O'Bell who wrote (103488)	3/4/2006 8:57:26 AM
From: Knighty Tin	Read Replies (1) of 132070

Dennis, It is now so ridiculous that it amazes me that any business ever gets done. The individual broker is basically vouching for the legitimacy and patriotism of every one of his clients. If it turns out that the customer is a crook or a terrorist or a serial lawsuitor, the broker will be fired and probably fined. Jail is even possible if money laundering is involved. We had to treat our clients as if they were con men until they could prove differently. They had to send in copies of their drivers licenses to open an account. We maintained a "Badi" list of people who had sued brokerage firms. That was a dandy. Heaven forbid you should get somebody with a common name. Bob Smith is going to appear on that list about 12,000 times. <G> In fact, Mike Burke was on there a lot, and I had to defend opening an account for that scumbag. <G> The privacy act has required every branch to have multiple paper shredders. We had to clear our desks every evening. If a client's phone number or an order for the opening was found on a desk overnight, it was a very big deal. We developed an online system that doesn't work most of the time because of the firewalls and safeguards. The Patriot Act was the most idiotic law ever created. And you take an act like that and place it on a paranoid, schizo firm like mine, and you are lucky if you can ever get any work done. My biggest laugh was that all the crossing the t's and dotting the i's took place at the branch level. But it was folks at HQ who forced the company to reserve $4.5 billion for lawsuits. And it was the top dogs who got the firm kicked out of Japan for corrupt practices. What they are doing is not even closing the barn door after the horse is gone. They're nailing shut the front of the dog house after the horse has left the barn. <G>

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next