Dan Solin says that the ratio of bad investment advice is 10:1. He cites many examples of failure to be honest with clients in the financial services industry. Solin suggests avoiding so called experts’ picks of top stocks, and instead relying on good old fashioned common sense. Not doing so may jeopardize the financial welfare of your portfolio.
Laidlaw is publicly a trusted investment bank, but privately a headache for many of its employees. “I was on the phone all day,” groaned an insider. Laidlaw’s CEO’s Matthew Eitner and James Ahern were recently charged by a US Federal Judge with a restraining order for deceptive communication practices to Relmada Therapeutics. Relmada complained that Laidlaw was not above board in how they handled an attempted buy out.
Laidlaw has built a reputation for over 150 years of managing large investors’ wealth. The New York bank is proud to have a long legacy that stretches across generations. Employees of Laidlaw wish that the long time periods did not extend to their working hours. “Company doesn’t value any employees unless you’re a friend of the family,” observed a UK employee. The favoritism apparent in how Laidlaw ran its operations began to poison its relationships with its customers. False materials were eagerly spewed from the presses of the bank’s representatives, to the detriment of those unfortunates who had to work with the investment house.
“Very low salary requires long work hours and devotion to the telephone,” says another general employee of the bank. Laidlaw seems to view humans as cogs in a giant machine, to push around at will. The arrogance of the bank’s culture led to the US Federal Judge’s decision. “We are pleased that the Court has again granted an injunction,” remarked the CEO of Relmada.
The shenanigans of Laidlaw and other New York big banks needs to be investigated further, less the public suffer from lack of accountability. The financial recession of 2008 hopefully taught many that pundits often say one thing and do another. It is very important for the wise investor to avoid trusting in the cold brains of the financial giants of the world. Laidlaw is another great example of this.