Chop Shop Stories

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GiantFan's picture
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Joined: 2009-12-31

I am curious to see if any of you have ever worked at a chop shop and what the experience  was like....

Shania Twain's picture
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I am a Panther fan. We out of playoffs. i have not followed them lately.

hey how did Giants do this week?

GiantFan's picture
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Joined: 2009-12-31

ask your panthers!!!!

Shania Twain's picture
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Bud  Fox's picture
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Joined: 2008-07-20

From Mrs. Gaddock's posts it is easy to articulate that her cubicle is a chop shop for every trade she executes.   

SometimesNowhere's picture
Joined: 2008-12-22

I started in a chop shop in the 90's. It was a firm called J.T. Marlin, small shop...I got started there after a couple guys that worked there came into the casino I was running out of my living room and told me I could drive a Ferrari if I just came to work for the firm. I decided it would be a good move to appease my father who happened to be a judge, you know, get a real job. When I went into the interview, there were a hundred other dudes there, and this hot receptionist. I chatted with her, then went into this meeting where the HR manager (who was a total knob) started to tell me that I could make a lot of money if I worked for the firm. I started working for J.T. Marlin, and believe it or not, my Team Leader was the guy that came into my casino one night. What a coincidence. I found out that I was good at my job, landed a whale, cheated some poor guy out of his life savings, and ultimately his marriage, banged the secretary, was solicited by and eventually cooperated with the feds to take down my firm which was basically propagating a huge pump-and-dump scheme. In the end, I learned that there just aren't any shortcuts in life, and that if it sounds to good to be true, it is. Golly, what a life lesson.

shredder's picture
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SometimesNowhere wrote:I started in a chop shop in the 90's. It was a firm called J.T. Marlin, small shop...I got started there after a couple guys that worked there came into the casino I was running out of my living room and told me I could drive a Ferrari if I just came to work for the firm. I decided it would be a good move to appease my father who happened to be a judge, you know, get a real job. When I went into the interview, there were a hundred other dudes there, and this hot receptionist. I chatted with her, then went into this meeting where the HR manager (who was a total knob) started to tell me that I could make a lot of money if I worked for the firm. I started working for J.T. Marlin, and believe it or not, my Team Leader was the guy that came into my casino one night. What a coincidence. I found out that I was good at my job, landed a whale, cheated some poor guy out of his life savings, and ultimately his marriage, banged the secretary, was solicited by and eventually cooperated with the feds to take down my firm which was basically propagating a huge pump-and-dump scheme. In the end, I learned that there just aren't any shortcuts in life, and that if it sounds to good to be true, it is. Golly, what a life lesson.
Boiler Room?

LA Broker's picture
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Joined: 2008-12-03

SometimesNowhere wrote:I started in a chop shop in the 90's. It was a firm called J.T. Marlin, small shop...I got started there after a couple guys that worked there came into the casino I was running out of my living room and told me I could drive a Ferrari if I just came to work for the firm. I decided it would be a good move to appease my father who happened to be a judge, you know, get a real job. When I went into the interview, there were a hundred other dudes there, and this hot receptionist. I chatted with her, then went into this meeting where the HR manager (who was a total knob) started to tell me that I could make a lot of money if I worked for the firm. I started working for J.T. Marlin, and believe it or not, my Team Leader was the guy that came into my casino one night. What a coincidence. I found out that I was good at my job, landed a whale, cheated some poor guy out of his life savings, and ultimately his marriage, banged the secretary, was solicited by and eventually cooperated with the feds to take down my firm which was basically propagating a huge pump-and-dump scheme. In the end, I learned that there just aren't any shortcuts in life, and that if it sounds to good to be true, it is. Golly, what a life lesson.
 
Don't forget to mention how your black girlfriend threw you under the bus to the FEDS

Shania Twain's picture
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Joined: 2009-09-23

SometimesNowhere wrote: I started in a chop shop in the 90's. It was a firm called J.T. Marlin, small shop...I got started there after a couple guys that worked there came into the casino I was running out of my living room and told me I could drive a Ferrari if I just came to work for the firm. I decided it would be a good move to appease my father who happened to be a judge, you know, get a real job. When I went into the interview, there were a hundred other dudes there, and this hot receptionist. I chatted with her, then went into this meeting where the HR manager (who was a total knob) started to tell me that I could make a lot of money if I worked for the firm. I started working for J.T. Marlin, and believe it or not, my Team Leader was the guy that came into my casino one night. What a coincidence. I found out that I was good at my job, landed a whale, cheated some poor guy out of his life savings, and ultimately his marriage, banged the secretary, was solicited by and eventually cooperated with the feds to take down my firm which was basically propagating a huge pump-and-dump scheme. In the end, I learned that there just aren't any shortcuts in life, and that if it sounds to good to be true, it is. Golly, what a life lesson.

A casino in your living room?   I love it.

Cool story thanks

Thinking back.   The 80's were crazy.   wide open.   embarrassed or something not wanting to put it in writing.

interesting.

I just I'm somewhere close to an adult now.   

life lesson   your right

LuvIndy's picture
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Joined: 2008-06-25

I watched Boiler Room in the theater the day I passed my series 7 to start with Jones (just a coincidence, not planned). Boy did I have dollar signs in my eyes after watching that...

Beagle's picture
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During my junior year of college I took a job with Waddell & Reed to learn the business.  Earned my series 6 but knew I needed a series 7 (which my manager refused to allow me to sit for).  So the summer of my senior year I applied at Hibbard Brown (chop shop) and sat for the license.  I "worked" there a month until school started back up but it was a very learning experience.  That fall I transfered my license to a real firm and worked as a brokers assistant and in the back office after class was out.  I look back on that month and am still shocked how they lasted as long as they did. 

GiantFan's picture
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Joined: 2009-12-31

During my junior year of college I took a job with Waddell & Reed to learn the business.  Earned my series 6 but knew I needed a series 7 (which my manager refused to allow me to sit for).  So the summer of my senior year I applied at Hibbard Brown (chop shop) and sat for the license.  I "worked" there a month until school started back up but it was a very learning experience.  That fall I transfered my license to a real firm and worked as a brokers assistant and in the back office after class was out.  I look back on that month and am still shocked how they lasted as long as they did. 
what was it like at Hibbard? what were the brokers doing?

Beagle's picture
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Joined: 2005-03-21

It's been so many years I hardly remember what it was like anymore and I was there such a limited amount of time, I didn't get the routine down.  But basically you called prospects for 3 straight weeks.  It's all you did to build your list of potential buyers.  The job wasn't to find an immediate buyer, the job was to sell the idea that we were working on a deal and it could take 2 weeks or 2 months but if that deal looked attractive, could you buy?  At some point during the month the deal was announced via a conference call everyone listened in on.  It was some micro cap stock they owned in inventory and had pushed the price up substantially and now they wanted to get out.  I read a list of the previous stories and the companies were all over the place but rarely had any real revenue and certainly no profits.You called and made the hardest pitch of your life.  Many of the things said in Boiler Room were exactly the things said.  I listened to one of those weeks as my sort of training week and it was amazing to listen.  The best seller sat near me and yelled at a doctor who complained of being pulled out of surgery to take his sales pitch (he bought).  The brokers would say they've waived the commission on the purchase but in reality you earned a 10% commission and it all came directly to you.  There were no office expenses.  If you were selling a previous buyer, it was expected of you to give a false price on what previous trades were currently at to make the sale.  It's not like they were going to be able to find it in the newspaper.  At least 75% of the guys were country boys straight off the farm and had moved to the city.  They had a link into a few Iowa colleges and were literally recruiting brokers on campus.  One of them near me hooked a country doctor who invested about 1/3rd of his retirement plan over the course of 3 months.  He transferred in about $600k so the broker had $60k in earnings over 3 months.  For a 22 year old, that's some sweet change.  One day a broker walked over to me and threw a note down on my desk.  He asked  "is that your brother?"  I confirmed it was and he said "You can thank me later for giving that to you because he just said he was interested in buying the next time we have a deal." 

Oldproducer's picture
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Beagle wrote: One day a broker walked over to me and threw a note down on my desk.  He asked  "is that your brother?"  I confirmed it was and he said "You can thank me later for giving that to you because he just said he was interested in buying the next time we have a deal." 

So, did you make the sale??

clang's picture
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Joined: 2009-01-23

I started with Lehman Bros. Nobody, and I mean nobody moved product like LB. Lehman 2 call system was legendary. First call qualify, 2nd call pile-driver.
thems the daze.

deekay's picture
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Joined: 2007-05-15

Since I've been moving my practice towards a life insurance speciality, I wanted to know from you Lehman Bros guys - would their approach work for life insurance, or is it specifically designed for securities?

chief123's picture
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Joined: 2008-10-28

What is this infamous "Lehman System" that you talk about?

Mr.Blonde's picture
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chief123 wrote:What is this infamous "Lehman System" that you talk about?
 
Ditto that, what is the system?

Winston Smith's picture
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LuvIndy wrote:
I watched Boiler Room in the theater the day I passed my series 7 to start with Jones (just a coincidence, not planned). Boy did I have dollar signs in my eyes after watching that...

If Boiler Room gives you inspiration then there's something wrong with you. There's lots wrong with me, my manager says I'm a loser, I don't sell my American Funds to by MFA, I don't wear white shirts to work...but I never, ever allow people to talk to me about that movie in the context of our job. My chop shop story is cold calling old ladies on gm bonds with $30 in them...oh wait...that was at morgan stanley.

Winston Smith's picture
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Oh and I also spell buy wrong

clang's picture
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In Lehman 2 call system, !st call qualified client for size and ability to make decision.
'Mr prospect, if Lehman Bros were to take an exceptional opportunity to their institutional accounts in the next month or so, could I contact you and outline the details" and ' are you always liquid for 200k' etc etc
 
Next call in 10 days pitched a compelling (usually equity ) story, always a blue chip. pitch lasted about a minute, then you took the guy to the ground to get the trade and opened account which could take a while. ALWAYS pitched size to prospect.
Some of the best rebuttals and sales pitches ever written came from Lehman Bros. best ones came out of the Water St office.
 
They licensed all of us straight out of training in all states, gave us leads to call across the country. whale hunting right out of training. all brokers whether doing over 1 mill or rookie worked side by side in huge bullpen.
 
still remember Ist day on the job watching a broker  take a guy down on the phone opening trade was 10k shares of X at mid 30's.  work ethic was part of the deal. non stop cold calling.non stop pitching. hardcore. prospect had to hang up on you to get off the phone. would not work for insurance. we would beat the crap out of these prospects to get the account. amazing how much sh!t they would take, and they would still open account and do trades. or not. had my share of fk you's, for sure.
 
most entertaining and educational part of my career. one of those Water St boys should write a book. Marty Shafiroff was  big dog at LB. have a file somewhere with some LB sales pitches and rebuttals. maybe should pull it and get nasty again. lol 
 
most amazing thing to me everything was on the phone. over 20 years later, still have clients i have never met.

newrepd's picture
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I love hearing these stories.

Bondguy always has some good ones as well. Makes me hop on phone.

So when did you go from "Broker" to "Advisor?"

Gaddock's picture
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Joined: 2007-02-23

clang wrote:
In Lehman 2 call system, !st call qualified client for size and ability to make decision.
'Mr prospect, if Lehman Bros were to take an exceptional opportunity to their institutional accounts in the next month or so, could I contact you and outline the details" and ' are you always liquid for 200k' etc etc
 
Next call in 10 days pitched a compelling (usually equity ) story, always a blue chip. pitch lasted about a minute, then you took the guy to the ground to get the trade and opened account which could take a while. ALWAYS pitched size to prospect.
Some of the best rebuttals and sales pitches ever written came from Lehman Bros. best ones came out of the Water St office.
 
They licensed all of us straight out of training in all states, gave us leads to call across the country. whale hunting right out of training. all brokers whether doing over 1 mill or rookie worked side by side in huge bullpen.
 
still remember Ist day on the job watching a broker  take a guy down on the phone opening trade was 10k shares of X at mid 30's.  work ethic was part of the deal. non stop cold calling.non stop pitching. hardcore. prospect had to hang up on you to get off the phone. would not work for insurance. we would beat the crap out of these prospects to get the account. amazing how much sh!t they would take, and they would still open account and do trades. or not. had my share of fk you's, for sure.
 
most entertaining and educational part of my career. one of those Water St boys should write a book. Marty Shafiroff was  big dog at LB. have a file somewhere with some LB sales pitches and rebuttals. maybe should pull it and get nasty again. lol 
 
most amazing thing to me everything was on the phone. over 20 years later, still have clients i have never met.
 
That's some pretty awesome stuff. It really makes me wonder why your still a piker? Will you tell us about what painful mediocrity is like? Why did you go from LB Water St. office to AGE?

clang's picture
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Joined: 2009-01-23

its ok gaddock. you are bitter because you are too stupid to leave wells.
if you hit a dog with a rolled up newspaper enuf times he won't sh!t on the rug. pretty soon you will figure it out. enjoy your next 10 years there.
peace biyatch

Squash1's picture
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Gaddock has a valid point... How do you go from LB to AGE to indy? I am an indy and other than the AGE stop that seems downward to me... My guess is that they weren't choices..

Gaddock's picture
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Squash1  you're 1000 x over this clown.
 
Clang? how about an answer? What happened? from power broker to piker working out of your apartment.
What went wrong?
 
 
PS Don't dish it out if you're afraid to take a bite there sport.

clang's picture
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Joined: 2009-01-23

sh!thead. lb had 5 retail branches. they closed  retail, kept institutional, i went to shearson, became retail puke like you.
 
why are you too gutless to pull the trigger and leave wells. instead you lurk here for 1100 posts bitching like a eunuch  posturing like you are a somebody.
 
 

Gaddock's picture
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Ahhhh LB, Shearson, Company X, Company Y, AGE, Wachovia, WFA then indy.
 
Guess those checks kept you from going under.
 
As for myself, because my contract and production dwarfs yours. I had 1.3 million hit today. Any idea how much I'm racking up on a rookie contract?
 
Far more than you piker boy. I'll ride the gravy train until I decide to move on my terms. Not because I have too like yourself.
 
Big diff sport.
 
Maybe if you were not such an ass hole on your first posts you maybe could bring some value. BUT you're just a burnt out old piker who hates enthusiasm and success.
 
Must suck to be you sport.
 
Oh yeah as for the number of posts. I've posted .96 posts per day starting when I was not even in production. You on the other hand have posted 8.5 per day. If that doesn't draw a perfect picture of your patterns in life. Soon you'll be using another name and I'll still be using mine.

clang's picture
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Joined: 2009-01-23

sorry gaddock, didn't realize you were so huge. once they move you into the bank lobby i'm sure you'll get the primo desk.
congrats. i've never seen anybody preen himself like you. you are quite the stud. gutless, but studly.

Gaddock's picture
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Joined: 2007-02-23

Love and kisses sport. Is it possible to get another check yet?
 

clang's picture
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Joined: 2009-01-23

jokes on me. didn't realize i was wasting my time fkn with a rookie until now.
 
good luck to you junior. do yourself a favor, and leave wfa.

Gaddock's picture
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"jokes on me. didn't realize i was wasting my time fkn with a rookie until now"
 
??????????? You truly are a idiot OR incredibly lazy when it comes to putting on ye ol thinking cap.
 
wow that's 9 posts a day little man! to bad your production isn't so easily increased. Maybe you should use what little bit of effort you have left in you on production instead of some lame venting.
 
You think????

clang's picture
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Joined: 2009-01-23

gaddock. let me spell it out plain and simple.
 
your language and manner gives away your youth and inexperience. your claims of production and 1000 letters a month prospecting, your awkward explanation  of your gross t12, etc....ring hollow.
 
and i'm sorry to say, your numbers even though they are trumped up are really not that good. really. 
 
if you're good, you're good. and if you are good, you don't need to tell everybody.
 
thats how everybody knows your a fake.
 
hopefully thats the advice you were asking about earlier. glad i could help out.
 
now i know why you can't leave wells. you are stuck there. aim for that front desk in the lobby, and keep that young face scrubbed clean.
 
  
 
 

Gaddock's picture
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Joined: 2007-02-23

Poor sport .... you're drawn to the candle like a moth, he he he.

 
Thanks! putty like you usually cost more  LOL

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