I read Olivia Mellan's wonderful article, "Pants On Fire: Dealing With Liars And Cheats," in the June 2008 edition. Nice job.
I am a hedge fund manager and 29 years ago, Louis Rukeyser, the host of Wall $treet Week, got me started in my career. I was a student at Johns Hopkins at the time, and Rukeyser's waiter.
Presently, I am a contributing editor at the North Bay Bohemian in northern California, where my articles can be syndicated to the 130 alternative weekly newspapers throughout the United States and Canada, and often find their way into Congress and Wall Street from there. My last article----about the collapse of Bear Stearns----was the "most viewed, most e-mailed" article at altweeklies.com for five consecutive days (something of a record, I'm told). An interesting coincidence? The title of my article was "Secrets and Lies." As you can see, Ms. Mellan, we have similar concerns.
I loved the final quote from your husband at the end of your article. Like your husband, I am a student of Buddhism. Your husband is right. Telling the truth is the basis for all other dharma. Telling the truth is the basis for "correct thought" and "correct action." It's a lesson that has its place on Wall Street, especially now.
What about other minorities?
After reading your article "Giving Minority Students A Leg Up in the Business" (June 2008), I was left with one question. You stated that the screening process included a select group of historically black colleges as well as universities. I do agree that minorities do need a leg up in this business but what of the other minorities? I only question the single-sidedness of the program when it has greater appeal as a broad-based initiative.
Staff Editor Kara Stapleton replies: Chuck Widger's program--Gateway to Leadership--is only in its second year. Widger does plan to expand the program to include other minorities in the future. He intends to create a program for Hispanics next.
From our Bloggers
In response to IA contributing editor and blogger Mike Patton's recent post, where he discussed his reservations on what he should tell a client who expressed a desire to open his own retail business. One reader responded this way:
I'm very happy to see you address roles, and the difference between a technician/tradesman/craftsman/practitioner and an entrepreneur. The same applies to those of us who decide to leave the protected confines of an employer relationship and establish our own advisory practice (which I know you have addressed). How would we have hoped to have been advised when we considered striking out on our own? And does that provide additional guidance on how we can provide that same advice to clients?
In our June broker/dealer listings, an incomplete calculation led to an incorrect listing of top B/Ds by ratio of home office staff to reps. The corrected list is on www.investmentadvisor.com, but the top 10 B/Ds as measured by home office support is:
- Partnervest Financial Group
- Raymond James Financial Services
- Correll Co. Investment Services Corp.
- Lincoln Investment Planning, Inc.
- Horwitz & Associates, Inc.
- First Allied Securities, Inc.
- NRP Financial, Inc.
- Commonwealth Financial Network, LLP
- VSR Financial Services, Inc.
- GunnAllen Financial