The gall of GP's

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footsoldier's picture
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I am starting this thread because someone told me today that I would find in the Jones Financial Companies latest 10K, that it read on part III item 10 the following;
 
The Partnership does not have a formal code of ethics for executives.
 
 
All those meetings and so called firm element requirements including ethics and they have the gall to state the above. Do as I say, clearly not as I do.
 
Hypocrisy illustrated again.
 
 Spiff, you are a good person and probably a good rep, get out while you can.

bspears's picture
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And just think they had to get rid of the "No panties Friday" guy...assholes!!

munytalks's picture
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There is also 1) No Employee Handbook; 2) No Job Descriptions for Home Office Associates or General Partners; 3) No Written Policies- only Courtesy Rules .......

Broker24's picture
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I should call AG Spitzer and call for a formal investigation.

"This just in...Edward Jones is being investigated for having (gaaaasp) NO EMPLOYEE HANDBOOK!"

You guys need a new hobby.

compliancejerk's picture
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Broker24 wrote:I should call AG Spitzer and call for a formal investigation. "This just in...Edward Jones is being investigated for having (gaaaasp) NO EMPLOYEE HANDBOOK!" You guys need a new hobby.
 
From the 2004 10-K the following was added
 
"The Partnership does not have a formal code of ethics for executives. It relies on the core values and beliefs of the Partnership as well as the Partnership Agreement. The Partnership is in the process of developing a code of ethics and program."
 
then for 2005 they just repeated the above, and for last year they dropped
 
"The Partnership is in the process of developing a code of ethics and program."
 
I guess it's difficult  to develop a code ethics for yourselves.
 

Roadhard's picture
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The late William Hood, Regional Leader in Tennessee for Edward Jones, he was a GP.  I believe the lawsuit said he might have worked with the CPA Bell to defraud as much as 14 million from the clients....Well thank God relies on the core values and beliefs of the partnership as well as the Partnership Agreement...Hey Jim how's that working for ya?

Broker24's picture
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Roadhard wrote: The late William Hood, Regional Leader in Tennessee for Edward Jones, he was a GP.  I believe the lawsuit said he might have worked with the CPA Bell to defraud as much as 14 million from the clients....Well thank God relies on the core values and beliefs of the partnership as well as the Partnership Agreement...Hey Jim how's that working for ya?

I can't believe it. I financial advisor that actually turned out to be a dirtbag. Thought it would never happen in our industry.....

Hey, how's Frank Julian Bluestein doing? Wasn't he another Edward Jones schister? Oh, no, that's right, he was.......independant.

Folks, it doesn't matter what firm you're at. It doesn't matter if you're independant, or at Edward Jones, or at Morgan Stanley. It doesn't matter if you have a formal "code" of ethics. Putting it in writing won't stop someone from being a criminal if they are going to be.

Philo Kvetch's picture
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Broker24 wrote:

Folks, it doesn't matter what firm you're at. It doesn't matter if you're independant, or at Edward Jones, or at Morgan Stanley. It doesn't matter if you have a formal "code" of ethics. Putting it in writing won't stop someone from being a criminal if they are going to be.

Quite right B24.

The fact is that in the current environment we're all one (deliberate or inadvertent) trade from an arbitration.

Spaceman Spiff's picture
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So, foot are we to assume then that you have your own personal code of ethics written down for the world to see?  I'd guess that there are very few people who have actually taken the time to write down what their code of ethics is.  We all think that we are generally good people and find it borderline insulting when we have to take tests and classes to tell us what our ethics should be. 
 
Ed Hood was a sad example of greed and stupidity.  A guy who was a successful FA and GP, who made boatloads of legal money getting greedy and thinking he would never get caught.  I think in the next Uptick they should publish his story, with no punches pulled.  Just so we can all learn something.  Instead what they'll do is try to write a bunch of checks and make the situation go away.  No lessons are learned by that.  Except that if you have a big enough checkbook you can fix anything.  That lesson was one that was learned in this industry a long time ago. 

noggin's picture
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Spaceman Spiff wrote:So, foot are we to assume then that you have your own personal code of ethics written down for the world to see?  I'd guess that there are very few people who have actually taken the time to write down what their code of ethics is.  We all think that we are generally good people and find it borderline insulting when we have to take tests and classes to tell us what our ethics should be. 
 
Ed Hood was a sad example of greed and stupidity.  A guy who was a successful FA and GP, who made boatloads of legal money getting greedy and thinking he would never get caught.  I think in the next Uptick they should publish his story, with no punches pulled.  Just so we can all learn something.  Instead what they'll do is try to write a bunch of checks and make the situation go away.  No lessons are learned by that.  Except that if you have a big enough checkbook you can fix anything.  That lesson was one that was learned in this industry a long time ago. 
What is his story , Spiff??

footsoldier's picture
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Space-

You are first in line to be THE mangaer of the kool aid stand.

If you weren't so damn blind to reality (I actually thought you were intelligent until your last response), you might actually have a concious or your own ethics would cause you to question why you are asked to do something annually,(remember two hours of your life and a 10 question test) and your management says in effect, DO AS I SAY, NOT AS I DO.

If you can tolerate the constant ying-yang of management, maybe there is hope for you to make to the promised land....

It's just hard to believe that you define that goal as becoming one of them.

bspears's picture
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Spiff, come on!!  You expect to compare Ed Jones vs Foots as who should have an ethics code of conduct?  You're really reaching this time.  There IS a reason they don't have one and I assume it has to do with the last MP and the one before him.  That is laughable. 

Hey I read in a mag I just received about Van Pearcy...why would a guy that large leave Jones with ALL those wonderful perks, such as: Turkeys, autographed photos, ST Louis Rams starter jacket..etc.

footsoldier's picture
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One last comment Mr. Spiff and then I am done with you...
 
My code of ethics wouldn't allow me to continue to work for Jones. I couldn't represent people I did not trust.
 
 

MISS JONES's picture
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bspears wrote:
And just think they had to get rid of the "No panties Friday" guy...assholes!!

 
I really liked NO PANTIES fridays.. When did they cancel it??? It started a trend- now I don't wear panties all weekend.. j/k 

bspears's picture
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As you might understand Miss Jones, I can't take your word as gospel.  However, a few pictures would clear the air....just a thought.

bspears's picture
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I see on the weather report, St Louis is iced in so Spiff is not responding because he can't get his damn login working from home. 

Spaceman Spiff's picture
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No, spears, just too busy making money this morning to waste that much time with you goofballs.
 
I noticed that foot didn't actually answer my question.  I would assume that means he doesn't.  I think I can expect him to have his own.  After all, if he is an independant, he runs his own shop.  He's the owner, manager, FSD, etc.  I would expect him to have an employee handbook, code of ethics, etc for his own business.  However, if he doesn't I don't think it makes him unethical.  It just makes him think like everyone else that because he believes himself ethical, that should be enough.  I would assume he also has to take ethics tests like he used to at Jones.  So, those should be enough.  He's good.  Never going to be any problems.   
 
You can't dictate ethics.  If a person is unethical, he's going to be unethical whether you make him sign his name to a code of ethics agreement or not.  He's not going to follow it anyway, so what's the point. 
 
Now if Jones didn't have a compliance manual, then we would have a discussion.
 
Oh yeah, spears, you're actually answering your own question on the Van Pearcy thing.  Van was the no panty guy. 

Roadhard's picture
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Miss Jones, A photo is worth a thousand words! 
 
Spiff, you are somewhat right--however, a company the size of Jones can't make statements about ethics unless they are going to follow up the statement with written ethics guidelines...As far as bad people--you are right they are in every firm--Jones, ML, Jones, SB, Jones, Indy, Jones!  When I was at Jones I reported to FS a incident where the Regional Leader told a client that their bond got called--when in fact he sold it out...nothing was ever done about it!!! He still made GP!
 
Let me tell you how easy it is to do at Jones---All Comfirms are done at the branch office when someone sells out a bond---it FA just waits until the BOA goes to lunch to make the trade and grabs all the paperwork!  Nothing goes to the client...also at Jones when a bond does get called or matures there is no comfirms!  Now at LPL the client gets a comfirm mailed from the home office on all trades, maturities, and calls---so the client's paperwork can not get intercepted....Nothing protects the client at Jones.  This something that could be fixed by having all comfirms mailed from St Louis instead of the branch office---but in the past Jones wanted the FA spend the money to mail the comfirm.
 
 

footsoldier's picture
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Spiffy-
 
By the way, not only do I have an employee manual, I have disability insurance and life insurance in case I die and a real succession plan. Tell me you have that....who succeeds you, just another company rep who thinks they know the business and industry.  And your hard earn worked got you bubkas.
 
Go earn your net 28-30% (that would be calculated after all expenses) and don't bother me anymore. Here is the distinction. I don't ask, excuse me, demand that my employees go through ridiculous ethics training (probably a GP's spouse who owns the company training the FA's!) wasting a couple of hours a year. 
 
Do you even have a clue what your time is worth?
 
 

bspears's picture
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WHAT?? Van was the panty man??  I thought he was on the west coast.  Is that what it takes to have a huge book....NO PANTIES FRIDAY....YAHOOOOO
Bpsears diary;
12/10/2007  I made an update to marketing plan today.  I will add no panties Friday to the list of things to implement in 2008.  This should quadruple my assets this year.  Can't wait.

troll's picture
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MISS JONES wrote:bspears wrote:
And just think they had to get rid of the "No panties Friday" guy...assholes!!

 
I really liked NO PANTIES fridays.. When did they cancel it??? It started a trend- now I don't wear panties all weekend.. j/k  I knew there was some reason I liked you....

Maxstud's picture
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I had planned to run out this afternoon to get a Christmas gift for my wife but I might wait, all I can think of is panties.

MISS JONES's picture
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What is it with Men and Panties! I swear every guy I date is obsessed with what  panty set I have for that day..  That could explain why I spend so much money on them..
 
I   PANTIES!
 
Miss J

Indyone's picture
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...I remember hearing the Van Pearcy story...something along the lines of Van adding exotic dancers to his support staff and then instituting no-panties Fridays.  In light of revenue-sharing, etc., it seems hypocritical to show Van the door over a moral issue that a lot of his customers apparently had no problem with...

bspears's picture
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The upper management was probably pissed they were 1 uped by Van.  They probably wrote a memo to the SEC..."see the revenue sharing is no big deal compared to "No Panties Friday" and we have let this vulgar practicioner go.  We can't standby and have one or our own be lacking in moral and or ethical good judgement"....please go easy on us.
 
How many panties can you buy on 28% payout, Miss Jones? Before you answer, think of how many you can purchase with 90%.  Your boyfriend will be happy with the extra 62% you'd be wearing or not...

Spaceman Spiff's picture
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OK, this conversation is deteriorating fast.  Not as fast as spears' thought process with Miss Jones and her lack of panties, but still fast enough.  Why anyone outside of Jones cares whether Jones has an written code of ethics for the GPs is beyond me.  Why any of you care what happens at all at EDJ is beyond me. 
 
I did a quick Jonesnet search for ethics and discovered that the GPs also have to take the ethics tests every year too.  Take that for what it's worth.
 
foot - I don't think the GPs are any less ethical than you or I.  Most of them have so little input on what happens outside of their individual departments that they don't make a significant impact on the bottom line.  Positive or negative.  There are sure to be some rogue guys out there, like Mr. Hood, but that doesn't have anything to do with a formal written code.      
 

Spaceman Spiff's picture
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Actually with Van it was one of his support staff that turned him in.  The no panty day was just one in a line of many HR violations. 

MISS JONES's picture
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You guys are so much fun to play with.. Thanks for the laughs..

bspears's picture
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Spiff, so you have access to broker HR records?........be careful......

Spaceman Spiff's picture
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No, when I was in the home office, the New IRs would get a lecture from the GP of HR at lunch on Monday of KYC.  She would tell the story, of course leaving out the name.  Didn't take long to figure out who it was.  Later, when talking to one of the IRs in his old region, I learned it was true, not just a story HR made up. 

bspears's picture
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Well, I still like him. I'm sure he was misunderstood..he could have meant no pantlegs...and they thought he said panties.

troll's picture
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bspears wrote:Well, I still like him. I'm sure he was misunderstood..he could have meant no pantlegs...and they thought he said panties.I hear that the big problem was that he required proof of policy compliance....

bspears's picture
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well...of course...wouldn't you...I mean..If I say "Miss Jones, we have a no pantleg policy on Fridays here in our Edward Jones office."  I would be checking Miss Jones on Friday, just to make sure she was compliant with office policy.  Duhh..
In retrospect, I'm sure his mentor taught him this...it might have even been in KYC training in the late 80's..early 90's.

Indyone's picture
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I've read through this thread and come to the conclusion that bspears is really Van Pearcy.  Spears, you're my hero, if not my role model.

bspears's picture
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Busted!!!

bspears's picture
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I have a "How to" coming out soon...Miss Jones will be writing the preface...

bspears's picture
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signing off from outside the cult camp...where green is out of fashion

canucklehead's picture
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At the latest regional meeting, I hooked up with some GPs, and we went out to see the peelers. It's always no-panty Friday there! We used up more than our share of dollar bills, if you know what I mean! When it was time to leave, and we had to figure out our cover story, we decided to tell our wives that we had been "revenue-sharing". It felt good to tell the truth.

bspears's picture
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Welcome canucklehead.  Join our party...

MISS JONES's picture
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Well Since I don't have much going on in the office at this moment I will chime in..

 
I feel I would be the BEST candidate to write the preface since I do comply with the NO PANTIES Friday's. I find it makes my conversations so much more 'loose'. It has even turn around my social life. As I previously mentioned I carry the no panty rule throughout the weekend. With much success I might add.  My date ratio has skyrocketed. Although- the dates aren't much quality they are in a larger quantity.
 
thanks again for the laughs.

bspears's picture
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alright...I've discussed with other men on this board and we're calling your bluf Miss Jones.  What proof do you have that you follow this no panty rule?  I don't believe you.  I think you wear grandma panties to work. What do you say now??

MISS JONES's picture
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Ha Ha.. Cute.. Well you could ask Ferris.. He knows.
Miss J

bspears's picture
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How do I know that Ferris doesn't like grandma panties????

MISS JONES's picture
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He is Very Very Picky.. Just ask him.

troll's picture
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Picky?

MISS JONES's picture
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joedabrkr wrote:Picky?
 
I didn't say he was picky with his friends.
 
Miss J

bspears's picture
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I find it interesting you talk about Ferris and then he's gone.  I would assume you've....................................................killed him!!!

bspears's picture
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A now made for tv movie....EDJ broker used and abused by a boy named Ferris..(who likes grandma panties)...and she snaps one day in the heat of the moment....She kills her lover and stuffs him in a blue barrel and has a blind man help her move the barrel to an incenerary..were she disposes of FERRIS....holy shit....I got dibs on this screenplay...

Spaceman Spiff's picture
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joedabrkr wrote:Picky?
 
They're too absorbed in their own flirting to get it.  But I did.  That was funny.

Indyone's picture
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...I get it too...thanks for the laughs, Miss J...

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