Monday, March 2, 2009

What is wrong with this picture?

The Clarion-Ledger offers investment advice this week while reporting on the Stanford Group fraud. Read the tips they offered below and tell me what piece of advice might be missing from this list:

"preliminary steps
Interview potential advisers to learn their investment philosophy and how they are paid. Some advisers receive benefits for steering customers into specific products.
Find out if their advice for you matches how they manage their own funds.
Investigate whether the firm has received complaints by checking with the SEC and secretary of state's office.
Talk with current clients to learn the firm's style for working with customers.
Find out how accessible your adviser will be to answer questions. Find out the person's response time for answering phone calls, e-mails, etc.
Make sure your adviser answers your questions in a way you understand.
Review monthly statements. Too often people file them away without checking the balance and activity.
Be wary of high-pressure tactics to invest in a specific product or company.
Remember, if it seems too good to be true, it probably is.
Determine how quickly you can take out all of your money.
http://www.clarionledger.com/article/20090301/BIZ/903010335/1005/biz
- From staff reports "

Posted by Kingfish at 1:11 AM

9 comments:

Anonymous said...

Check www.finra.org to check a broker's background for complaints or wrongdoing.

March 2, 2009 at 3:55 AM
Anonymous said...

Find out what insurance coverage your accounts have, whether FDIC, SIPC, etc. (But with SIPC, there's not a whole lot of comfort, being that the last report has SIPC with only $1.2 million available on the books).

March 2, 2009 at 6:01 AM
Kingfish said...

Those are two good suggestions Mouseketeers but not the one I'm looking for. Even more basic than that but too complex for a CL business reporter to understand.

March 2, 2009 at 8:16 AM
Anonymous said...

Checking the background of the "professionals" quoted.

March 2, 2009 at 10:46 AM
Kingfish said...

background of the stanford guys here in jackson would've checked out. Am also hearing they were taken in also and aren't the scammers. Where they apparently screwed up was not in following your advice to the letter and checking them out thoroughly, thus they would've picked up on that SEC investigation possibly.

BUT thats still not the answer I'm looking for. Might explain why CL is in the tank.

March 2, 2009 at 10:50 AM
Anonymous said...

Don't put all your eggs in one basket.

But that being said, "due diligence" is not going to be the the operative words if the frigging SEC information isn't any good. The SEC should lock trading AND accounts down while they complete an investigation the MINUTE they receive substantial information that leads them to even remotely suspicion anything. I repeat, anything.

March 2, 2009 at 10:30 PM
Kingfish said...

DING DING DING DING DING!!!!

We have a winner.

Out of all of that profound financial advice not one word about "diversification", probably the one thing that would have saved most of these Stanford Group investors if they had followed it properly.

March 3, 2009 at 8:26 AM
Anonymous said...

So what did I win? An offshore CD with a "name your rate" tag-line? Donate it to Folo for me. And send me the deduction credit slip.

No wait, nevermind. I'll have more than enough at the end of the year after these azzhulls reamed me out.

March 3, 2009 at 6:39 PM
Anonymous said...

mcDaniels was a big money man...Knew exactly what he was doing to his clients

March 16, 2009 at 12:07 PM

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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).

Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.

In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.