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Barclays Hires Rejects, Swiss Try to Save UBS Deal, SEC Curbs Shorts
LinkedIn has some cool data analysis on Wall Street job trends. Many of the refugees from the collapse of late 2008 ended up at Barclays, which grabbed 10 percent of laid off talent, according to a blog entry on LinkedIn. Other big beneficiaries include Credit Suisse, which took 1.5 percent and Citigroup, which took 1.1 percent of individuals who were laid off. Some had speculated that those laid off in the downturn left the financial industry all together, a hypothesis belied by LinkedIns data. (via The Big Picture.)
Some Expense-ive Lessons
Fudging your expense records has regulatory consequences.
The Woodshed
Why is it always the little guy who gets sent to the regulator's woodshed?
Street Legal: Don't Try This At Work
Another month has come and that means another round of Financial Industry Regulatory Authority (FINRA) disciplinary cases. Since it is less painful to learn from the mistakes of others than from your own, I urge you to read the following cases.
FNRA reach | Street Legal: Case by Case
Perhaps the single most common lament I hear from my stockbroker clients is They can't do that to mecan they? And more often than not, my reply is They can, they will, and they have. In that spirit, let me present you with some recent Financial Industry Regulatory Authority (FINRA) disciplinary decisions. Please note that Offers of Settlement (OS) and Letters of Acceptance, Waiver, and Consent (AWC)
Street Legal: On Borrowed Time | FINRA | Registered Rep. September 2009
Over the years, I have often been asked about whether a registered representative can borrow money from clients (or in a few cases, lend money to). The answer is either Yes, but or No, but and what comes after that makes all the difference in the world. For starters, the Financial Industry Regulatory Authority (FINRA)/ NASD Conduct Rule 2370: Borrowing From or Lending to sets out all the relevant
J' Accuse!
Financial advisors could face a lot more dings on their permanent records in coming months. Clients get litigation-happy when the bottom drops out of
Investors See Safe Harbor in Swiss Franc Annuities
Despite a recent pact between Switzerland and the United States to share tax evasion information, Swiss franc fixed annuities have been attracting a lot of U.S. dollars of late. Sources estimate that Americans have been putting about $2 billion annually into the Swiss insurance instruments, due to the falling dollar, inflation fears and the need to protect assets from creditors.
FINRA's Members-Only Club
Why are hundreds of thousands of registered persons denied any vote at their self-regulatory organization?
Warning Signs for Brokers
I 'm not saying that FINRA is seeing Communists under every bed, but lately, our regulator is sure seeing a lot of Reds as in red flags. Consider these two recent disciplinary actions. Waving Red Flags Registered Principal Robert Anthony Bellia Jr. was charged with failing to investigate why one registered representative under his supervision had an apparently troubling number of in his customers'
How to Predict Pension Plan - Pension Dumping by Fran Hawthorne
In times like this, who isn't worried about the financial stability of their place of work? Long before their clients hit the panic button, financial advisors need to be analyzing whether their clients' employers are likely to file for bankruptcy, and if so, what the next steps might be. If a company has a traditional pension plan and if the plan doesn't have enough assets to cover its promises the
Street Legal: From Bad To Worse And Back
In his 26-years in the industry, Reggie Repp (that's what we'll call the anonymous broker in this story) was named in five customer complaints
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