New York, NY (PRWEB) May 4, 2005
Wall Street is a menagerie of bulls, bears, and pigs that sometimes break loose and run amuck --- and Bill Singer is that poor soul with the broom following behind all those animals. Read his controversial, new Wall Street blog: http://BrokeAndBroker.com
BillÂs current commentary examines the NASDÂs recent press release about its multi-million dollar settlement against Waddell & Reed, Inc. for improper variable annuity switching. Apparently, the firm failed to place its customersÂ best interests above its own, and engaged in a Shock and Awe campaign against its own salesforce --- hoping to intimidate advisors into recommending the switches. You wouldnÂt think there would be much controversy with that settlement.
Funny thing, though. A number of financial advisors at Waddell & Reed spoke up against the switches. Seems the hired help were the good guys. So how come the regulators still perpetuate their pro-management/anti-labor agenda? Is there some hidden reason why Wall Street wants to keep its salesforce afraid of their bosses and afraid of their regulators? Bill Singer loves to ask such provocative questions. A lot of folks wish he wouldnÂt.
Bill is a well-known regulatory attorney whose 25-year industry career began at Smith Barney, with stints at the American Stock Exchange, the NASD, Integrated Resources, and as a partner in securities-industry law firms. He frequently appears on radio, television, and is quoted in numerous magazines, newspapers, and newsletters. His loyal readers follow his published columns at Registered Rep. magazine, The Wall Street Letter newsletter, and at http://RRBDLAW.com.
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