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Wive's niece wiped out!!!

Discussion in 'Uncategorized Threads' started by 635 G, Sep 26, 2008.

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  1. 635 G

    635 G Well-Known Member

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    I'm pissed, my wife's niece sold her house 18 months ago in NJ, took the proceeds 300k+ to PNC bank & an investment counselor, invested it all in Washington Mutual Bonds---This girl with a disabled son just lost her retirement nestegg, because some a--hole needed an hefty commission.

    Lou
     
  2. crusha

    crusha TS Member

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    The hell was she thinking?
     
  3. halfmile

    halfmile Well-Known Member

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    That stinks. Sorry to hear it. Some here would say it's her fault for bad judgement.

    The "professionals" in that business were dumb as a box of rocks, IMO.

    I talked to a few that didn't have a clue, just told people to do what they read in the trade papers.

    HM
     
  4. grnberetcj

    grnberetcj Active Member

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    Isn't there an old saying about a fool and their money?

    Curt
     
  5. 635 G

    635 G Well-Known Member

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    This girl was not a fool, she trusted the image of a bank and its employee---too bad she didn't call me--I would have warned here about brokers, salesman & investment counselors

    Lou
     
  6. shannon391

    shannon391 Active Member

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    Soon, she won't be alone.
     
  7. shannon391

    shannon391 Active Member

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    If you can't hold it, you don't own it.
     
  8. halfmile

    halfmile Well-Known Member

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    Just now news item: WaMu bought out by J. P. Morgan Chase, all assets.

    She might be OK. I really don't have the expertise but maybe she still has something. IF possible I would diversify, with part in Silver. Utilities, food producer/suppliers.

    The whole world is trembling now with the results of decades of overborrowing.

    Dollar assets are not highly regarded. FDIC buy was just on telling everyone a rosy picture of safety.

    I would like a little insurance. Krugerrands under the mattress would make me sleep better.

    HM
     
  9. cubancigar2000

    cubancigar2000 Well-Known Member

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    Been saying for months to put your money in a safe place ( gold) Shannon is correct, she will not be alone
     
  10. bluedevil

    bluedevil Active Member

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    This whole mess is because of greed and not only from the execs. They are guilty as heck and I hope they pay the price. The American people have abused credit for years and it is coming home to roost. Some guy makes $30k a year and has a new pickup, camper, $10K Perazzi and spends every weekend traveling to a shoot, plus a family and a house. Has to catch up with you someday. Repeat this for golf, fishing or any other expensive hobby, we want it all and fast. Well now we are going to pay the piper. We need to clean house in Congress and the White House.
     
  11. Jwints525

    Jwints525 TS Member

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    I feel bad for your wife's niece. One of the main rules of investing is to diversify. Don't put all your eggs into one basket.
    Anyway, one of the story lines that has not come out is that the Feds started this mess in the financial industy back in the 70's and 80's. They required the banks to make loans to people who really could not afford them. Barney Frank was up to his neck in that legislation. Then ultimatley the banks took it to the extreme. His ranting against the financial executives is nothing short of hypocritical.
     
  12. Dednlost

    Dednlost Member

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    Barney Frank the buttclown in charge of anything, that tells the hole story. No wonder we are in the crap.
     
  13. W.P.T.

    W.P.T. TS Member

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    The fact is there are so many people who are or going to be in financial distress before long its going to take its toll on all of us ... The "American Dream" of owning a home is what started all of this when people who couldn't afford an apartment because of the first and last months rent and a security deposit could walk in and buy a house with virtually no money up front, no qualifying, and mortgages that were 125% of the value of the home itself ... I mean come on, what were people thinking and just the smell had to be a dead give away that something was wrong with that picture ... I have said we are in a resession and headed for a depression and have been told I didn't know what I was talking about by a few that lay claim to being well healed on this site, well I'll tell you now its only going to get worst, a lot worst, before it ever gets better ... WPT ... (YAC) ...
     
  14. JBrooks

    JBrooks TS Member

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    It was the Clinton administration that demanded loans for po' folks. Be sure to thank a Ross Perot voter today for giving us Bill Clinton.
     
  15. ithaca4e

    ithaca4e TS Member

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    As a broker who passes up more commissions than I make by giving conservative, ethical advice, your catagorily bashing ALL brokers is an an insult to me. Don't be stupid twice. The SEC and the brokerage firm where the bonds were purchased need to know about this. Unless youe wife's niece signed a letter saying she made this lopsided purchase AGAINST the broker's advice, she probably has a very good chance to recover all or most of her money. The broker will probably also be looking for new employment. Just be sure your wife's niece has all the facts straght and dcumented before she starts.
     
  16. Chango2

    Chango2 Active Member

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    I can without reservation recommend a great investment broker who has made money for me and continues to do so. He is in the Big Bear area of California, so is a handy jaunt for anybody who is close to Redlands.
     
  17. 635 G

    635 G Well-Known Member

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    She just got off the phone with me, crying hysterically---she thought she was getting a MUTUAL fund, what kind of broker would put everything into WM, in MAR/08

    Lou
     
  18. halfmile

    halfmile Well-Known Member

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    Legal action NOW is what I recommend. The flim flam artist did not tell her what she was buying. I would try to have him prosecuted.

    I am sorry anyone has been had by the sharpies. Our elected representatives have been busy feathering their own nest while they were supposed to be working for us.

    think about that next election. RE-elect NO ONE.

    HM

    HM
     
  19. trim tab

    trim tab Active Member

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    #1 I don't want some SOB counting my money
    #2 Remember, theses epople do not make a penney until they buy or sell
    something.
    #3 Stay out of the stock market. The average person cannot buy enough shares
    to make a diffeence.
    #4 Stock market is like gambling

    Good shooting
     
  20. Joe Potosky

    Joe Potosky Well-Known Member

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    For others that have all there eggs in one basket.

    Only 5% - 8% of your money should be in any one investment/holding...

    Spread the risk.

    Can cut down on the gain if one investment takes off, but better in the long run.

    And for the comment on the stock market. Always money to be made, especially on individaul stocks, but you need to do your research and read, read, read.
     
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