The Street Sweeper by Bill Singer

 

The Ralph Kiner Lesson For Wall Street

The old-guard brokerage industry just isn't getting the message.

By Bill Singer, Attorney and publisher of http://BrokeAndBroker.com and http://RRBDLaw.com

BILL SINGER: [M]any customers followed the high-priced advice of Wall Street's biggest brokerage firms and lost most or all of their investments. I suspect that many of those same customers figure that they could do just as poorly on their own--and by paying far less in commissions to an online, discount broker-dealer. Add to that the likelihood that many of those same folks are disenchanted with Wall Street's failures and scandals. The litany of unsuitable recommendations, conflicts of interest, insider trading and the like are not merely sharp jabs to the industry's chin but punishing body blows whose cumulative effect may well result in a knockout. . .

To read more of Bill's weekly Forbes column: The Street Sweeper, visit:

http://www.forbes.com/2009/12/16/singer-kiner-wall-street-intelligent-investing-broker.html

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