I wonder how much of this stuff would be sold if it didn't pay any commissions?
Equity based VA's convert capital gains into ordinary income. With an equity fund wrapped in an annuity contract, the entire POS costs three times what a plain equity fund costs. Between the state premium tax, additional expense ratio, and double the income tax at the end, this is the financial product from hell. These products were bad enough BEFORE the new tax law. Now that ordinary income rates are DOUBLE capital gains rates, they have become even WORSE.
When will financial service company execs realize and admit that the sale of these POSs has resulted in setting thousands of tiny little litigation timebombs ticking?
Still waiting, fruitcake. You are not to be believed as you are either making this stuff up, or you simply take delight in spreading vicious gossip that can damage the careers of people you don't even know. What kind of person are you to do such a thing?
Yes I get my juice early. Then I verify it. Then I tell the regulators without revealing my sources (clean fellow securities industry professionals who want Wall Street cleaned up once and for all). If the regulators choose not to do their jobs, then I guess WE, the people, will have to find new ones who will.
Harvey "I must recuse myself" Pitt didn't last very long, did he?
Someone is obviously feeding you some info, why would you wait until news is public to post?
I don't see the logic in that.
There must be a way to tell without revealing your sources............
Bullshi*. She talked to me for over 20 minutes a few months ago. Call her again, babe. I told her I didn't expect Danny to call me back as that might violate the SEC's FD rules.
On that biotech, warn Danny about that sector being a PUMP/DUMP one with lots of volatility. Wachovia got some nasty press Friday in the Journal with regard to Salix hype. I don't trade that particular security so I won't comment on it.
They will pay. He's not the only one they screwed over.
Bob's a mensch and I respect him fighting for what's right. Please BUY a hard copy of the NYTimes tomorrow and show your support for Bob.
I sent Danny Ludeman an on-line copy about 10 minutes ago.
This NYT article only confirms my distrust for PSI management. The firm overlooked the sale of B share funds for years and now has the audacity to blame the very brokers they held up as role models. While I've never been a big fan of mutual funds, PSI didn't become one of the biggest players in funds by selling only A shares. Brokers sold B shares ten to one over A shares. I can find no reason to ever sell a B share fund. This was Wall Streets dirty little secret. For the firm to blame their top brokers for this sales practice is hypocritical.
Unauthorized trading should never be tolerated but I believe the charges against this broker were fabricated by PSI to give them an excuse to terminate Bob O. and keep his master share balance. The firm had no clear rules on the sale of B share funds. To fire a 41-year veteran to cover up their lax rules is typical of the management team. I hope WB has clearer guidelines and that 41 years with the firm would warrant a warning or a suspension rather than termination.
He has my e-mail address (LoveLEHGirl@aol.com) but his young nubile wife might not like us chatting like that. PUBLIC message boards are better for this sort of thing.
So are you a Wachovia employee, client, or shareholder?