Morgan Stanley Squeezes Brokers on Compensation. Useful incentive or Recipe for Disaster?

  • Posted by Admin
  • On December 14, 2016
By Phil Ciano, Partner Last week, Morgan Stanley announced broad pay cuts for its brokers, unless, according to the Wall Street Journal, the brokers “boost the fees and commissions they collect from retail investors.” According to the Journal, starting in January, 2017, Morgan Stanley is raising the bar for broker compensation “to incentivize [the brokers] […]
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Trump and the fiduciary rule: Now what?

  • Posted by Admin
  • On November 15, 2016
By Andy Goldwasser Partner This is a question that resonates equally with the financial sector as it does with those dedicated to representing victims of financial fraud and stockbroker misconduct. Most believe Mr. Trump will repeal the rule. But even so, the fiduciary rule has helped define the standard of care for a financial advisor […]
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Surprise, Surprise…Markets Surge on Trump Election

  • Posted by Admin
  • On November 10, 2016
By Robert West, Jr. Jr. Partner While America watched this historic presidential election, so did the global investment community. If history is any indication, investors despise uncertainty, and the early voting numbers made it clear that a (pre-supposed) Hillary Clinton victory was anything but certain. As Donald J. Trump continued to dominate the swing states […]
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S&P 500 index marks its longest losing streak in 36 years

  • Posted by Admin
  • On November 7, 2016
By Ken Sweet Associated Press This article was posted in the Cleveland Plain Dealer 11-5-16   NEW YORK (AP) — The slow, steady retreat of the stock market ahead of the 2016 election continued Friday, with the market falling for a ninth straight day. Wall Street is now in its longest period of decline in […]
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“Who’s Afraid of Trump? The Markets…”

  • Posted by Admin
  • On October 4, 2016
Debate Night Message: The Markets Are Afraid of Donald Trump Economic View | By Justin Wolfers The New York Times These conclusions arise from close analysis of financial markets during Monday’s presidential debate, which provides a fascinating case study of the complex interconnections between American politics and economics. During the debate, the overnight futures markets […]
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Investor Fraud: Even Billionaire Clients are Not Immune

  • Posted by Admin
  • On April 28, 2016
By Phil Ciano Partner Common misperception: The wealthier people get, the more immune they are to investor fraud, mismanagement and negligence. Naturally, we think millionaires (and certainly billionaires) have the best, brightest and most effective money managers in the world. The rest of us are stuck with your “everyday broker,” who is more liable to […]
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How Quickly We Forget: “Liar Loans” Bloom Again on the Horizon . . .

  • Posted by Admin
  • On April 21, 2016
By Phil Ciano How Quickly We Forget: “Liar Loans” Bloom Again on the Horizon . . . Leave it to Wall Street to erase unpleasant memories of the greed, sloth and envy that triggered the 2009 financial collapse. In a potential sign of danger on the horizon, big money managers and hedge funds are making […]
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“Who are you, and what the heck are you doing with my money?” – Lessons from the Decline and Fall of the Southport Insurance Empire

  • Posted by Admin
  • On April 7, 2016
On January 14, 2016, FBI and IRS agents raided the Manhattan office of Alexander Chatfield Burns, former head of the private equity firm, Southport Lane. The raid followed a two-year, multi-state investigation into the young financier’s attempts to revamp insurance investments which instead caused all the companies involved to lose $250 million and left them […]
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