Decades ago, Wall Street and its big banks were revered and were a source of trust for ordinary investors who relied on the integrity, advice and financial guidance of these firms. Indeed, Wall Street spent a fortune creating brand names like Smith Barney and Paine Weber, advertising a tradition of […]
Monthly Archives: August 2014
There’s a simple universal rule in business: “put the customer’s interests first.” Remarkably, this tried and true maxim does not apply in the world of investment recommendations to customers. In the 2008 legislation called Dodd-Frank, which followed the financial crisis, Congress authorized the Securities Exchange Commission to pass a “fiduciary […]
Conditions this summer are worsening for investors in Puerto Rico’s shaky, high risk municipal bonds. As this blog recently noted, UBS clients who invested in Puerto Rico bonds face extreme risks. The Swiss bank acknowledged as much two weeks ago when it reported it was handling $600 million in damage […]