Quote:
Originally Posted by Shazam
The fact that you think that there can be laws that prevent people from doing bad things is remarkable to me.
All they can do is deter. There is an onus on you to not hand your money and authority over to someone.
Your example also outlines someone that used margin, so I'm going to also say that the investor was just as greedy as the Ferengi that took advantage of him.
While that situation is unfortunate, does that somehow mean that you're susceptible to the same shams? Well that is a question only you can answer. I'm going to say no though, because obviously you fall for every spam email sent your way.
Also, what makes you think someone at Vanguard or Blackrock wouldn't do the same thing? You know, like what Nick Leeson or Jerome Kerviel did?
|
OK, but I didn't say that so I'm not sure the relevance. My "example" is one random story that proves exactly what you said wouldn't happen.
To turn it around and blame the investor is a pretty big hunk of bull####, and you should feel bad for even trying to make that connection. Particularly when the very failure was "failed to properly ensure a margin account was appropriate for a client". If you go to an advisor you shouldn't have to have full working knowledge of the industry and also police them. What would be the point of that?