EDJ Overtime Settlement

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avise's picture
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Jones99 wrote:By the way, when I started, Jones promised me a $1500 per month training SALARY for the first two months.  Imagine my surprise when the first check was for only $1200 gross pay.  I called HR to inquire about the discrepancy....since Jones put our official start date for our training class on July 5th, they felt justified in docking us for 6 days of pay based on a 30 day month.  I suppose they did that to all training classes at the time, but it still pisses me off nine years later.  Maybe I can get my $300 back if I file the request form.It's not about the math and pro rata payments. This is cheap and tacky. It's a very Bush League attitude that I hope has been washed away from the much bigger, better-known Jones of today. BTW: Regulators raided AG Edwards/Wachovia today: "Regulators from Missouri, Illinois, Massachusetts, New
Jersey, Pennsylvania and a sixth state that asked not to be
identified were part of the team entering Wachovia Securities'
headquarters, Missouri officials said."

Jones99's picture
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B24 wrote:You mean they didn't pay you for the days you hadn't yet been working?  Imagine that.  The last company I worked for didn't start paying me until my first day of work, either.  Boy that pissed me off.
 
First of all I totally agree with AVISE, not about the math...just Bush League tactics to cut $30k off the training costs.
 
To Mr. B24, you are using an incorrect analogy.  Everyone in that training class had been through the Jones hiring process, drug testing, etc.  Everyone in that class received all training and study materials by the 28th of June.  By June the 5th, I had already finished the first three days of the study materials.  Jones CHOSE our "official" start date of July 5th.  They promised us TWO months of training salary (not pro-rated), and then they docked everyone $300.  Even if, as you state, we weren't working before the 5th, we did work for Jones on the 5th....they docked us for 6 DAYS, not 4.   Just an FYI.

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Spaceman Spiff wrote: Jones99 wrote:Spiff...have you made up your mind on filing the form?
 
Just wondering,
 
Jones99

 
I haven't had time to think about it in the last week.   I've not had a good conversation about it with anyone in my region.  So, I'm still undecided.

Spiff- My perspective is.. There is free money out there waiting for these former brokers to claim why wouldn't you want some of the money if you are allowed to get it?? I don't care if my regional leader is pissed or anyone else is pissed for that matter. I work here for myself and myself alone. If I can help people along the way great but at the end of the day I do what I must do to look out for myself and when i think of FREE money that may go to a segment of the firm and not me to that just don't sit well. I want what should be mine.

I would fill out the consent form and mail it in. Question: Were you mad about the clients on your book that requested the mutual fund revenue sharing claim? No, neither was I.. It didn't come out of my commission and neither does this overtime lawsuit claim. The money is already sitting in a sub-account waiting for distribution. So bottom line- Just do it!

Miss J

Spaceman Spiff's picture
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MJ - Interesting perspective.  I'll have to make a decision soon.  I think the overtime settlement just might be enough to buy a new plasma for the office.  Hmm....
 
Jones99 - I'm having some difficulty figuring out your complaint about the paycheck.  So, Jones says your official start date is July 5.  That means you don't officially go on the payroll until July 5.  However,  you got the study materials about a week before you were officially supposed to start.  Did the study schedule start before July 5 or did you just simply do some extra work before your official start date?  My assumption would be that if you were supposed to contractually receive 2 months of $1500 a month salary for a total of $3000, then you have a right to expect a total of $3000.  Now, it may turn out that you get $1200 in month one, $1500 in month two, and then $300 in month three.  Jones can't just dock your pay.  There would be so many HR complaints that the company would probably get shut down. 

footsoldier's picture
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Spiff-
 
Are the GP's implying that  they are taking names? 
 
I thought the path Weddle took (at least what I heard in the California settlement from FA 's out here) was the high road. Telling reps that he would rather have FA's who still work at the firm get it rather than guys like me who left.  Why would you even consider not taking the money?
 
 

Spaceman Spiff's picture
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I think it's just the stigma of taking a check like that.  You know, the fear of the GPs knowing if you did or didn't and somehow blackballing you when the next LP offering comes out.  Now, in the verbage of the letter from the settlement attorneys it says that EDJ can't hold it against you if you choose to participate. 
 
The GPs aren't implying anything.  They're not allowed to comment on the situation.  If Weddle did say that, I would agree with him.  If Jones is going to pay the money anyway, I'd just as soon have some of it hit my pocket rather than put that much more in yours. 
 
The other spin I've heard is that you, for instance, may only be eligible for say $1000.  I may be eligible for $2000, but choose not to participate.  In that instance, my $2000 stays in the coiffers and eventually funnels back to Jones.  So, it's better for Jones if we don't take the checks.   
 
These are the conversations I have with myself while I'm driving home.  The guy on one shoulder says take it or someone else will.  The other says, no, be a good Jones guy and let them keep it.  I would love to know for sure what happens to the money that a guy like me might not claim.  Does it get split between everyone else who does participate or does Jones get to keep it. 
 
 

norway401's picture
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Spiff , I do think that your thought process is exactly what any employee would have regardless of the company. Always that sense of is this going to come back to haunt me?
Your response is an honest and fair comment.

bspears's picture
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Spiffy, isn't it a sad day when Miss Jones has bigger cahones than you.  She's saying f the man and give me some money.  I do feel sorry for you and the fear you carry about being blackballed.  I could care less what you do, I will get what I get.  But, if I had to worry about how my allocation of LP may be affected because I chose to put some cash in my bank account , it would make me just a little pissed.  But, how will you ever know.  If you take the cash and get passed over or get very little LP...will you always be asking yourself about that decision.
I'd say...don't take it...forget about it...preach to others in your region about the perils of taking it.  Do a broadcast about your decision and hell, write a letter to Weddle on your decision.  CC your RL while your at it.  You will reap greater benefits from not taking it than taking it.  You and I know, Miss Jones will get spanked for taking the money. 

Anonymous's picture
Anonymous

Who does the spanking @ Jones...and where do I get an application?

bspears's picture
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I think Miss Jones gets to pick her spanker...at least Jones is democratic about that...

Borker Boy's picture
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MISS JONES wrote: [I work here for myself and myself alone. If I can help people along the way great but at the end of the day I do what I must do to look out for myself and when i think of FREE money that may go to a segment of the firm and not me to that just don't sit well. I want what should be mine. Miss J
 
 
Allllllllllrighty then...

Borker Boy's picture
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The paperwork said to have it notarized before sending it back, but there's no designated space for the notary or enough room on the document to notarize it. Hmmmm...

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Spiff, I use to be a die-hard jones defender like yourself, (cansell 2000).  In the last year I've really seen the true Jones colors (and it didn't come from any insight on this site).  Anyway, just having the torn thoughts about negative repercussions from the GP's should let you know exactly where all FA's stand at Jones in the eye's of the GPs.  We are their single profit source and are here only to produce, not to give our 2 cents worth on any topic that determines the direction of what is ultimately OUR business.  I for one am taking the cash which will go towards my "100k going RIA fund". 

bspears's picture
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Now that I mull this thread a little further, I think Spiffy should take the check.  Take the check just to show us the GP's are great dudes and dudettes and will not care you've dipped into the fund.  Show us there's no repurcussions.  Show us what a great family friendly the firm is.  How the LP is awarded on merit, not if you raped the company coffers.  Even though your hesitation tells us how scared shitless you are of your own firm.  Do you think the goons will be knocking on your door at 11pm Thursday night, to send you a message.  You should be proud...

Borker Boy's picture
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I believe that every job application I've ever completed has had a section asking whether I've ever been a participant in a lawsuit. I've always proudly been able to skip that section and move on.

So, if I take the check and eventually go to work somewhere else, do I now get bogged down in explaining how I was involved in a lawsuit?

Sithsayer's picture
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Go to work for yourself and you won't have to worry about job apps.

footsoldier's picture
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I agree with sithsayer, Spiffy.
 
This issue might be the best illustration of how management really feels about their FA's. The crap about FA's being their only revenue source is just plain bs.
 
Just read the 10K and anyone with a brain could recognize the FA's are the fuel of the engine, not the engine. And the gas (as you stated somewhere else) can easily be replaced with less costly replacements.
 
Dust off the resume, and start doing your due diligence. Maybe its indy, Jones is the best training for going indy, or maybe to a reputable wirehouse (I think there still are a few good ones). Whatever you decide, this is much much bigger decision than taking the check.
 
If I were a GP and had a concious (I am not sure that's possible), I wouldn't be able to look myself in the mirror. What it really comes down to is integrity. If management really cared about its FA's, they would be encouraging you to take the money. Instead they disseminate
through the regional leaders or their henchmen words of discouragement and concern. And if all you have is a few moments to think about this after a day of doorknocks or appts, you are seriously discounting your career by not dealing with the core issue.
 
Can you trust them?
Deep down you know the answer... 

Anonymous's picture
Anonymous

Just to play Devil's Advocate here...
 
If LPL, Raymond James, or Commonwealth, were in EDJ's place, and you guys were in Spiffy's place...would you take the money?

bspears's picture
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YES, absolutely.  LPL is an entity I use for back office support, no more no less.  BSpears Investment office is where the GP, LP and IR work.  I could care less what LPL thinks about me and as long as I run an ethical office (audits), do a minimal amount of business, they don't care. 

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ice - I think you are on the right track, but just asking about the wrong type of companies.  The indy guys have no real allegiance to their B/D.  It is simply a means to an end.  If LPL ticks them off, they can simply call Commonwealth. 
 
The more I think about this thing, the more inclined I am to take the check.  Mostly because I don't think that Jones is dumb enough to retaliate with those of us who might take the check.  Can you imagine what kind of trouble the powers that be would be in if it were discovered that the amount of a future LP offering were lowered because someone chose to participate in this suit?  I don't think it's worth the liability to them. 
 
Weddle and the rest of the GPs aren't officially allowed to comment on the suit, therefore we have received no official word on what we are to do with this suit.  If I hadn't been in a meeting where it was brought up in front of my RL, I wouldn't have heard anything about it other than what I've been involved with here. 
 
There is an FAQ on our system that says that there won't be any repercussions if we join the suit.  It says that they don't plan on showing management the list, so in theory they won't know who joined and who didn't. 
 

GT Key's picture
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Just the fact that there are GP/RL's calling or asking around to see if people are taking it, even if it is just one, makes me physically ill. Everyone at this firm constantly bends over backwards in the name of LP. BFD! Just for an 18% return over time? Wouldnt a 12% mutual fund, that is liquid, be a better choice considering the BS you can avoid? What am I missing?

Spaceman Spiff's picture
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Um...6% return for the rest of your life.  Guaranteed 7.5% return, but historically the 18% is just about the right average. 
 
To make the point clear, my own RL IS NOT calling around and asking.  And I haven't received one phone call from a GP asking anything.  Actually I think that if an RL is calling and asking, he's putting himself in harm's way and going against how the firm has said they are going to respond to this.  

GT Key's picture
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Spaceman Spiff wrote: Um...6% return for the rest of your life.  Guaranteed 7.5% return, but historically the 18% is just about the right average. 

My point exactly.

footsoldier's picture
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 The indy guys have no real allegiance to their B/D.  It is simply a means to an end.  If LPL ticks them off, they can simply call Commonwealth. 
 
Spiff-
 
In theory we are free agents (as are our clients). Practically speaking unless LPL does something absoutely aggregious, it would be an absolute pain in the rear to move again. At least I have that option. Rather speculative on your part Mr. Spiffy, since you haven't been independent to make the assumption that Jones reps are more allegiant to their b/d than indy reps.
 
Thanks for illustrating the difference between owning your own business and working as an employee for Jones. You can think anything you want about indy. Indy/LPL by every measure has been a better option for me. Is it perfect, hell no. But its the closest I have found in my 15 years in the industry.

Indyone's picture
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Spaceman Spiff wrote:To make the point clear, my own RL IS NOT calling around and asking.  And I haven't received one phone call from a GP asking anything.  Actually I think that if an RL is calling and asking, he's putting himself in harm's way and going against how the firm has said they are going to respond to this.  
 
I'd have to agree here...it would be very foolish on Edward Jones' part to risk another class action for employee intimidation.  Any RL or GP using such tactics is playing with fire in my opinion.

Anonymous's picture
Anonymous

I completely understand what you guys are saying.  You wouldn't be concerned at all, that is you took part in a class action suit against LPL, they would be like "go clear somewhere else dickhead."  Unlikely I know...but they don't HAVE to do business with you, either.
 
Not trying to be contrary, just curious about your P.O.V.

B24's picture
B24
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Not likely, ICE.

I don't know why the big discussion on this payout thing. I think the GP's at Jones are probably putting much less thought into who takes it and who doesn't, than most of us might think. I hear all these Jones conspiracy theories on this board, and to be honest, so few of them ever seem really grounded in reality. I can't think of one conversation I have ever had or heard in my region regarding any of the B.S. that gets discussed on these forums. Strange.

ezmoney's picture
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you're all chicken sh!ts!

norway401's picture
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I would suggest that B24 and some other members are correct in their observations as to GPs spending much time on the issue of " who is taking the payouts ". The reality is that ( from Canadian Legal Perspective ) that if any type of punitive action was taken against current employees it would put not only the GP but the company in an awkward position that may well find themselves before the Courts.
All that being said , in fairness to any current employee it would be a natural response to at least ponder the " politics " of the company and any implications to their careers.

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footsoldier wrote: The indy guys have no real allegiance to their B/D.  It is simply a means to an end.  If LPL ticks them off, they can simply call Commonwealth. 
 
Spiff-
 
In theory we are free agents (as are our clients). Practically speaking unless LPL does something absoutely aggregious, it would be an absolute pain in the rear to move again. At least I have that option. Rather speculative on your part Mr. Spiffy, since you haven't been independent to make the assumption that Jones reps are more allegiant to their b/d than indy reps.
 
Thanks for illustrating the difference between owning your own business and working as an employee for Jones. You can think anything you want about indy. Indy/LPL by every measure has been a better option for me. Is it perfect, hell no. But its the closest I have found in my 15 years in the industry.
 
I don't think anything about being indy.  It doesn't fit for me, but that doesn't make it bad for you.  I don't think I was that far off base in my assumption that the majority of Jones FAs have a stronger bond with Jones that you do with LPL.  It doesn't say LPL on your door or as the main emphasis on your business card.  We are just naturally more connected with Jones than you are with LPL.  More of an arterial connection rather than a veinous one. 

B24's picture
B24
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"More of an arterial connection rather than a veinous one. "
 
Huh?  That is quite the analogy.

footsoldier's picture
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Spiff-
Walk a mile in my shoes, then maybe you can make an educated statement. Until then, you are just adding to your 1000+ posts to reach a new high in communications. Maybe you will finally get the GP you so yearn for. You can't know until you have been there. Only those that have traveled through both can a balanced perspective. I have said it before, you only know what you know from Jones.
 
That my fine EDJ rep is the final word of the day.
 
By the way, prior to any communications today....I netted 20K (gross 23K). Had my best month ever in the biz and surpassed last years revenues already (my first year at LPL I netted more than I ever did at Jones).  Recurring revenues now are 37%, and wow is it nice not to have pitch the product of the day.I still remember my stocks at Eval/Grad....Con Agra and yes World Com.....
 
If you have some money available I recommend you buy some today.......ahh the good ol days. How bout the hamburger, they still teaching that too?

bspears's picture
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Kudos Foot...I was worried about you.  I figured since you left Jones you would be in soup kitchen lines and hawking watches at the local fair.  Oh well, you're probably the only ex joneser who has done well.  Honestly, how can you look at yourself in the mirror with those numbers.  I bet your success is do to wearing green underwear....come on fess up...

babbling looney's picture
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I still remember my stocks at Eval/Grad....Con Agra and yes World Com....

 
Hey!! Did we do eval grad together?  WCOM at an all time high dont remember the price and HD at 55.  
 
I refused to sell WCOM, and told them so at the training, because I was personally pissed off at the company  and had just canceled my service. The company was a piece of crap from the consumer's standpoint.  Turned out to be a good thing. 

Borker Boy's picture
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Joined: 2006-12-09

Yep, we're still a pushin' those products. I get a wire every afternoon encouraging me to join the latest PM Promo to try and sell something from whichever department's hosting the dog and pony show that evening.

 
Geez...
 

now_indy's picture
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I just checked Merck. It was our stock to "call on" when I was in Eval/Grad over SIX years ago.  It was over 60 when I was calling on it then, it's now at 32!   And that, ladies and gentlemen, is why I don't recommend individual stocks to clients.

GoneIndy02's picture
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footsoldier wrote:
 
By the way, prior to any communications today....I netted 20K (gross 23K). Had my best month ever in the biz and surpassed last years revenues already (my first year at LPL I netted more than I ever did at Jones).  Recurring revenues now are 37%, and wow is it nice not to have pitch the product of the day.I still remember my stocks at Eval/Grad....Con Agra and yes World Com.....
 
If you have some money available I recommend you buy some today.......ahh the good ol days. How bout the hamburger, they still teaching that too?
 
...and my personal favorite,"WCOM was a good deal at 44 and is a steal at 27.  You call everyone you sold this to and average down, NOW!"
 
-GoneIndy02

B24's picture
B24
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Borker Boy wrote:Yep, we're still a pushin' those products. I get a wire every afternoon encouraging me to join the latest PM Promo to try and sell something from whichever department's hosting the dog and pony show that evening.

 
Geez...
 

 
BB,
Those silly Promo's and contests are really aimed at newbies.  It helps them keep their activity up and stay connected.  I don't know any vets that pay any attention to that stuff.
 
Like I have said many times....take the good and leave the rest.  Just cuz their offering you a turkey or something, doesn't mean you have to pay attention to it.  I think those things are goofy as he!!, but I just ignore it.
 
It could be worse, you could be at a firm where the stock price is down 60% and they are about to cut their dividend.  I am sure those people are a little annoyed at their firm too.

Spaceman Spiff's picture
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footsoldier wrote:
By the way, prior to any communications today....I netted 20K (gross 23K). Had my best month ever in the biz and surpassed last years revenues already (my first year at LPL I netted more than I ever did at Jones).  Recurring revenues now are 37%, and wow is it nice not to have pitch the product of the day.I still remember my stocks at Eval/Grad....Con Agra and yes World Com.....
 
Hey, foot, where did you finish in July?  You mentioned that it was your best month in the biz.  How good was it? 

footsoldier's picture
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Spiff-
 
I am sitting in a Starbucks in Kona, Hawaii sipping my morning coffee and didn't open rr forums this week until now. Have 9 family and friends here with me (by the way I am footing the bill too!).
 
I did contact a couple of clients and conduct biz during the week of vacation. In answer to your question I netted after all expenses 40K in July. And here is the incredible part...looks like August will be better. Significantly.
 
So many of my concerns about shutting down the office (my only staff is my wife, I thought I better take her with me) were non-issues. Simple voice mail message along with a letter that went out two weeks ago saying we would be gone for 8 days, and with internet definitely a non-issue. One client called my cell and other than that it was smoother than I ever dreamed. Handled all issues and clients I did contact thought I was the bomb just for calling, let alone handling their questions. Hey, could I be the next economic indicator! When I leave the market soars!!!

bspears's picture
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Foot, just read your posting with some interest.  My family and I just got back  from Hawaii on the NCL cruise of the Islands so possibly ran into you somewhere.  Did you stay or take the cruise for the week??

Spaceman Spiff's picture
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foot - congrats on a great month.  If you would stay in HI for the next 6 month's my clients would appreciate it. 

footsoldier's picture
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Spiffy-
 
Funny you should mention staying in Hawaii. The wife and I discussed a couple of interesting possibilities, one including a longer stay next year. No worries about your clients unless they reside west of the Mississippi.
 

Spaceman Spiff's picture
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That is the beauty of this job and fee based biz.  You can take weeks off at a time if your clients will let you get away with it.  I'm sure if you did it more than once or twice a year they might start to question it though.  
95% of my clients are west of the Mississippi.  Just west actually.  Some of them can throw a rock and hit the Big Muddy. 

footsoldier's picture
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Spiff-
 
Less than half of my biz is fee based. I would love to see it end up at 80/20 for many reasons including extended vacations. I am becoming more value oriented to clients offering services that I am paid for. At Jones is was one and done, and on to the next. I know you have the option to change your biz and I would encourage you to move in that direction whether you stay or move on at some point.
 
Unless you are a 5 hour plane ride to Hawaii away, in the words of the great proverb Ryan Seacrest (American Idol) you and your clients are safe.

Spaceman Spiff's picture
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I fully intend to move my biz in that direction.  I've done enough studying on the fee based platform we just launched to know that it is a great alternative to my traditional business, both for my clients and myself. 
 
Oh yeah, I meant for you to stay in HI so the market will continue to go up.  I'm not worrried at all about a guy from some no name, one man shop stealing my clients.  How can you as the only guy in the office compete with me and the backing of the entire Green Machine? 

footsoldier's picture
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Oh yeah, I meant for you to stay in HI so the market will continue to go up.  I'm not worrried at all about a guy from some no name, one man shop stealing my clients.  How can you as the only guy in the office compete with me and the backing of the entire Green Machine? 
 
The old me would have tried to take you on. The new regenerated me says its just not worth the effort to compete at your level.

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B24
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footsoldier wrote:
Oh yeah, I meant for you to stay in HI so the market will continue to go up.  I'm not worrried at all about a guy from some no name, one man shop stealing my clients.  How can you as the only guy in the office compete with me and the backing of the entire Green Machine? 
 
The old me would have tried to take you on. The new regenerated me says its just not worth the effort to compete at your level.
 
Well how could you?  Who would answer your phone?
I couldn't resist.

footsoldier's picture
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Ah grasshoppers. He who thinks his sh_t don't stink, is destined to step in it.

Verizon my son....

Ready to Retire's picture
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Joined: 2008-08-12

Does anyone know where I can find information about a similar case that settled in California about 3 months ago against AIG Retirement/Valic??

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