Given the nearly daily lawsuits filed against Bank of America, Ken Lewis must be chomping at the bit to disassociate himself from his current employer. Having already invoked the outrage of a diverse group of people- from Andrew Cuomo to a disgruntled credit card customer to the handicapped to members of the military- BofA has now managed to go too far with a little old lady (and her husband). A BAC broker may have had little regard for the value of the assets he put an 82-year old retiree and his 75-year old wife into, but he did recognize the value of one thing, their trust. While brokers at other institutions have been sued for convincing senior citizens to take the plunge into the world of illiquid investments by some sweet talking and the occasional free lunch, the BAC broker in question went way above and beyond the call to fleece the Florida couple.
“The Broker gained Claimants’ trust by (1) spending time at their house as often as four times a week; (2) fixing things in the house that needed repair; and (3) playing chess with Claimant. As a result of these frequent contacts, the Broker convinced Claimants, to purchase high risk, unsuitable investments, without full disclosure, in companies that had little, or no previous operating history,” the claim alleges.
You might able to get away with playing games like this when asset bubbles are forming. But when they burst and cost people $1.425 million in “irreplacible capital”, they’ll sue and force you into the one situation you never want to be in, checkmate.
Bank of America Broker Betrayed Trust – Retirees Claim [Reuters]
“…they’ll sue and force you into the one situation you never want to be in, CHECKMATE”
???? The doctor said I need to keep my blood pressure down so I won’t even go there Greggums
They should have played it safe and invested in my CDO^5 7% bearer bonds that have AAA/AAA ratings.
-JT Marlin Senior Broker
It is almost impossible to write this poorly so consistently.
I can’t help but read that last sentence in Movie-VoiceOver-Guy voice.
@3 – He id doing this intentionally. It’s an X-K-Red-27 technique.
playing chess with elderly clients is the new killing it.
I’m not generally one to comment on Greg’s writing, but am I the only one who finds it incomprehensible? Sometimes I have to read his posts a few times just to get the point. Does anyone else have this problem, or should I no longer consider myself at least reasonably intelligent?
All I want to know is…. Was there a blumpkin involved in the services provided to this couple?
KL
Let’s face it….Greg is Bess’s mutant illegitimate offstring. Only explanation as to why he still has a job!
Explains all of the “Greg’s Mom” posts so soon after Bess posts a story too!
I’ve made a huge mistake
-KL
Lame.
Czech mate? Greg, you racist pig, I’m no friend of yours.
Fondly,
Nadia.
apparently they were invested in “high-risk” Fannie Mae preferred stock.
Absolutley disgusting- this piece reads like a book report. Please excuse me while I literally go stab myself in the eye with a spoon…
Greggums, the phrase is “champing at the bit” and not the oft-seen mutation you used.
If you’re not going to write funny, at least write correctly.
gerg,
i hope you win a darwin award.
Greg, Your incorrect usage of “invoked” has “provoked” me to spit out my oxygen tube. See you in hell, fuckstick.