Boiler Room: Subprime Training Video


This morning National Public Radio ran a seven minute long segment on the aggressive lending practices of Ameriquest, a mortgage lender that has found itself in hot-water for what some state regulators have called “predatory lending.” We’re generally skeptical about the campaign to paint subprime home lenders as criminals but, well, these guys apparently showed the movie Boiler Room as a training video. (You can listen to a line from the movie at about the 1:55 mark.)
“There is no such thing as a no sale call. A sale is made on every call you make. Either you sell the client some stock or he sells you a reason he can't. Either way a sale is made, the only question is who is gonna close? You or him? Now be relentless, that's it, I'm done,” Jim Young tells the employees of the boiler room in the film. It might be the philosophy of many sales guys but, you know, you probably don’t want to actually make it your corporate motto.
Former Ameriquest Workers Tell of Deception []