georgephillip
Senator
Pam and Russ Martens write about the "shock" members of congress expressed at the recent fraud in Wells Fargo commercial accounts without mentioning the ongoing deception going on at brokerage firms owned by all the Wall Street giants.
http://wallstreetonparade.com/2016/...ripping-you-off-and-what-you-can-do-about-it/
"Let’s say you are buying a $10,000 corporate bond which the firm is showing on their computer screen with a one point commission. One point means $10 per thousand or a total commission of $100 on a $10,000 bond trade.
"The honest broker who is truly looking out for the best interests of his client, will do the trade as it appears on the computer screen. But to placate its greedy brokers and its million-dollar producers who can readily jump ship to another firm, the brokerage firm will tolerate the broker tripling the commission to as much as three points or $300 on a $10,000 bond, and sometimes, even more.
"The broker actually has the ability to go into the computer and change the commission at will when he inputs his trade.
"The same thing happens on municipal bonds and Ginnie Maes. Over time, that money moving out of your pocket into the pocket of the broker and his firm (the broker gives a split of his commissions to his firm) can make a major difference in your wealth.
"There is also a massive ripoff taking place in the sale of annuities..."
"But you have the power to fight back. You can request, before authorizing the trade, for the broker to email you a verification of how much commission or markup he is taking on the trade. In other words, get it in writing."
http://wallstreetonparade.com/2016/...ripping-you-off-and-what-you-can-do-about-it/
"Let’s say you are buying a $10,000 corporate bond which the firm is showing on their computer screen with a one point commission. One point means $10 per thousand or a total commission of $100 on a $10,000 bond trade.
"The honest broker who is truly looking out for the best interests of his client, will do the trade as it appears on the computer screen. But to placate its greedy brokers and its million-dollar producers who can readily jump ship to another firm, the brokerage firm will tolerate the broker tripling the commission to as much as three points or $300 on a $10,000 bond, and sometimes, even more.
"The broker actually has the ability to go into the computer and change the commission at will when he inputs his trade.
"The same thing happens on municipal bonds and Ginnie Maes. Over time, that money moving out of your pocket into the pocket of the broker and his firm (the broker gives a split of his commissions to his firm) can make a major difference in your wealth.
"There is also a massive ripoff taking place in the sale of annuities..."
"But you have the power to fight back. You can request, before authorizing the trade, for the broker to email you a verification of how much commission or markup he is taking on the trade. In other words, get it in writing."
