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----- Original Message -----
: Friday, March 18, 2005 10:17 AM
Subject: my wonderful business
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> stock market fodder
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Attachment:
stockmarket fodder.jpg
Description: JPEG image
--- Begin Message ---
Dear Jim
I appreciated your recent piece in the Martinez New Gazette--'Losing in
the Stock Market for Dummies"--
As an ex- stockbroker (aka thief, crook, lowlife, bottom sucker, and
other such endearing and loving names) for almost 30 years, and rising
to Executive VP of a major brokerage firm, (which will be unnamed for
obvious reasons).in charge of proctology exams on clients with company
'sponsored' (losers with high commissions and great fees) products.
Obviously you understand the 'business' and how it works to achieve the
goals of the industry. Your attempt to put a comic light on the antics
of an industry and its players is amusing, but you seem to understand
that the industry functioned exactly as you relate, and consider that
behavior 'standard business practice' and 'standard operating procedure'
When I broke into this business in 1965, I was recognized immediately
for my excellent sales and communications talent. I could sell ice to
Eskimos, and heating pads to people in the tropics.My mentor (who was
the the best 'scum of the earth') used to say:
'--If you want to get anywhere in this business there are four things
you must remember never to bring into your workplace-- we have zero
tolerance for anyone who violates theses rules: --and should you slip,
by intent or mistake, you will be immediately relieved of your
position. Never under any circumstances come to work with:
!. Integrity
2.Morality
3.Ethics
4.Compassion
These traits, if exhibited, will undermine the main goals and mission of
your firm, and will subject you to dismissal. Your name will be
trashed, your reputation scored, and your violations will be known
thought the industry.'
I personally, have seen people removed from their executive positions
without notice and escorted out the door with the police( so that none
of the records, clients, or information could be compromised).
'_NEVER GIVE A SUCKER AN EVEN BREAK'_, although an expression trite and
dated, was the mantra we all subscribed to; and those that strictly
adhered to these policies (which, by the way, was easy to do--(since
most of us were alcoholics and drank each and every day (to assuage the
possible guilt of conscience we may have had) before, during, and after
work, were quickly recognized (for the ease of compromise of any values
and character they may have had) and rose through the ranks entering a
new level of devious, manipulative, shady, predatory practices designed
specifically to generate fees, revenue, profits for the firm. If, by
some chance, the customer, known as fodder (completely expendable) made
money, after the exorbitant fees and commissions were exacted, was an
incidental factor, in marketable all types of outrageous schemes and
promotions.
I achieved 3 promotions in one year (and major bonuses and spiffs)--just
generating gross commissions and fees on products I designed myself,
which sold briskly to our unsuspecting flock of investors.
You might ask--if this was true--how did we exist?? Don't clients read
or listen to warnings both written and oral-NO!!!!On the same principle
Las Vegas exists--even though the customer knows the odds are stacked
against him!--they all thought the next Dell or Cisco was right around
the corner--and they wanted to be there for the 'killing'. Ha Ha--what a
game! When someone walked away from the 'table' broke and
disillusioned--there always seems to be someone there to replace him
(remember another principle--with stars of greed in their eyes, and a
broker that could conjure juicy tales of striking it rich on the 'next
play'.
I now am in retirement with your money, drinking my scotch every evening
trying to forget who and what I was to get where I am. But, sometimes it
was fun along the way...
Dave Sauberman
2307 Oak Glen Circle
Martinez, California 94553
--- End Message ---
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