April 17, 2009
I have no cross to bear in this market but my dad does everyday.
I have heard him screaming about shorts destroying the markets for over a year and watching him and his clients
lose money.You see my dad is an investment advisor and he was a believer in bank stocks and insurance and a lot of others.I have heard him explain night after night just hold on to customers that they would do something at sec after cox was thrown out.
He was overjoyed when new people and schapiro was named chairman.He was talking to everyone about some meeting in congress and barney frank saying something needs to be done now to schapiro at meeting.He was calling his customers and telling them there was no way that after viewing the evidence of the companies destroyed by shorters and naked shorters whatever that is that the sec was finally doing something in two weeks.
I have never saw my dad lower than when he read the testimony on sec meeting and saw they where going to take three more months.My dad has been a investment adviser for over 35 years and he is quitting.
He told his customers he would stick by them until they were back close to some level they could live with then quit.He told them he had no faith in the government (sec )
to do anything.He said he could not understand their comments and if he couldn't trust them to correct an obvious screwing of taxpayers and investors he did not want to be an advisor any more.
So thank you mrs.schapiro you let these hedge funds win but you lost a lot of little investors who told my dad they wanted to stay with him and my dad who has never had a mark on his record.These are investors who will not come back because you the government does nothing for little man
and this is why no confidence in market.
By the way my dad lost a lot of money for him and customers
when you did not do your job on wcom and enron.