From the same country that brought you the heated debate about what the definition of is is, the government is now attempting to clarify what the word fiduciary should mean to brokers and financial advisors. Should SIFMA’s current call for a single fiduciary standard across brokers and financial advisors superseding state law come to fruition, some in the investment advisory world worry about opening the floodgates for what Wall Street can get away with.
Ron Rhoades, chief compliance officer at Joseph Capital Management LLC, an investment advisory firm in Hernando, Florida, called the Sifma statement a “wolf in sheep’s clothing.”
“Under one interpretation of Sifma’s proposal, Wall Street firms could have their customers sign away the fiduciary standards of conduct by simply signing a lengthy, incomprehensible, multipage, small-print agreement,”
And with that the investment advisory firm took an important step closer to understanding a critical piece of the Wall St. business model.
Financial Planners Say Fiduciary Debate May Favor Brokers [Bloomberg]
Is Charlie Gasparino Dealbreaker’s “Too long, didn’t read” poster? To wit:
http://www.businessinsider.com/gasparino-taibbi-round-2-charlie-responds-2009-8
greg, go to going concern, they might appreciate this kind of lifeless “technical” drivel over there
you two deserve eachother
Golly, Beg and Gress, here’s the Dow 9400 today. Isn’t that exciting. I’m still cheering from the sidelines for yall to give us a report on how much Beg and Gress and EP made on their cool “Obama Portfolio” started March 5. Or did yall short it at some point.
–devoted Dealbreaker fan
@3 you are a rètard. This has been covered OVER and OVER. That was EP’s call only. GFYS.
all time low – Dealbreaker goes retail -well done greg
Hey jackarses above Greg has been posting funny and entertaining posts all week. He’s finally turned the corner. Granted I’ll probably go back to busting his balls once Bess gets back but seriously credit where credit is due…
@6 is Greg’s Life Partner.
@7 would know
@7′s Life Partner
hello, i’m black, as is well chronicled here on DB, anyone want to fuck me? I’ll not say i believ in stereotypes, but i will also not say i don’t belive in stereotypes.
InvestorClueless
@8 – Recycling material like that might land you a job writing at “Going Concern”…
Blanus. Can’t even muster all caps or an exclamation point. Sigh.
Front page FT
US unemployment rate drops to 9.4%
Financial stocks gain on strong data
America, what a country!
@3
I don’t know about Bess (and Greg was not here then), but the Obama Portfolio was EP’s great idea to mock Obama’s “analysis of the stock market.” She obviously shorted the damn thing. Now has to work 3 jobs, and gets evicted from her basement apartment to boot.
6 is definately UK retail – raise your standards
I feel like Uncle Billy in ‘It’s A Wonderful Life” when they are counting down the time until they can lock the doors on the bank and stave off the “run” on it… 3, 2,….. Bess???!!!
Fellatio
@13
Thanks for the comment. If Naked Short were right (#4). But forget EP’s disastrous idea of an Obama Index, now up nearly 50% in 5 months. At least if you wish ill to the Democrats it’s disastrous. But why can’t I find ANYTHING about the markets and their trends here any more? I like the in your face language and comments, but about what? You have to follow Felix Salmon through a lot of math and figures, but he was the one who took Ben Stein down, not Dealbreaker. Or follow Clusterstock through another story every 5 min. not all of them about anything, but there’s a story on Bjorn Lomborg’s view of global warmining (originally FT) that is crucial and several others equally central today.
Global warming? stock market trends? Openly corrupt columnists? Dealbreaker slant on them?
Lets be real Greg with his background was supposed to bring a more financial slant and some Wall St cred to the site. Bess is clearly more a hip, gossipy, cool young chick who brings a lively color to her pseudo Wall St articles. Every a-hole on this site busts his balls because he is a crappy writer but has gotten a lot better of late. There is no balance anymore on DB because its soooo trendy to kiss Bess’s ass and deride Greg. So stop complaining and give all the writers a chance to blog their little fingers off even if they don’t know how to use a preposition properly.
-Greg’s Life Partner
@17 I understand everything you are saying. I dont think DB was ever meant to be a market based, hard hitting journalism website.
As Headless Horseman said a few weeks back its “the smoke break” of the finance world. We look at tits, make fun of people and throw in witty comments. Hence the phrase “Wall St Tabloid.”
@13
Basement in billiesburg = the new killing it.