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Rick Weinberg

Rick’s Recent activity

Investment Advice at 35,000 Feet

Jan 01, 2002

When American Airlines captain Rob Gormly is piloting a Boeing 777 toward Zurich or Paris or, perhaps, England, the talk in the cockpit often turns to investment performance. How's my portfolio doing? a co-pilot might...

UBS PaineWebber Succumbs to Pressure, Says It Will Not Fine Reps For 'Flipping'

Dec 28, 2001

After receiving hundreds of complaints from brokers, UBS PaineWebber switched gears and decided it will not penalize reps whose clients quickly sell shares in new IPOs, a practice known as "flipping." The firm issued...

Update: NASD’s Ruling on Client Account Transfers ‘Clear Victory’ For Brokers, Customers

Dec 27, 2001

The NASD’s new ruling on client account transfers “is a clear victory for brokers and customers,” securities attorney Jim Eccleston said today. The NASD announced Wednesday that it will bar member...

NASD Adopts New Rule Interpretation on Client Account Transfers

Dec 26, 2001

For years, delays in client account transfers have been a controversial issue. But the NASD has put an end to the debate, announcing today that it has adopted a new rule interpretation prohibiting "any NASD member...

NASD Adopts New Rule Interpretation on Client Account Transfers

Dec 26, 2001

The hotly-debated and controversial question of “who owns the client” appears to have been answered by the NASD and the SEC: it’s the broker, not the firm. The NASD announced today it will bar member...

UBS PaineWebber Brokers Begin Taking Hits For Flipping, Reps 'Furious'

Dec 21, 2001

UBS PaineWebber brokers claim their firm's "flipping" policy of charging two times gross commissions when clients sell newly issued stock is "illegal" and that the firm "has never put it in writing." During the past 1...

A.G. Edwards Reducing Workforce, Brokers Unaffected

Dec 20, 2001

A.G. Edwards is reducing its workforce through voluntary retirement and attrition because of diminishing revenue, the firm announced today. Yet brokers will not be directly affected by the move, according to producers...

Morgan Stanley Brokers Cater to Existing Client Base in Light of Plummeting Revenues

Dec 19, 2001

As Morgan Stanley's earnings continue to plummet, the firm's brokers are doing all they can to weather the market's storm mainly by maintaining their existing client base. "That's what I'm doing," says a Morgan...

SSB Eliminates Annuity Trail Bonuses, Brokers Upset

Dec 13, 2001

Salomon Smith Barney has informed its brokers that it has eliminated bonus payments on annuity trails, Registered Rep. magazine has learned. The announcement on Tuesday by Paul Underwood, the firm’s director of...

Class-Action Suit Against SSB's CAP Gains Steam

Dec 11, 2001

Salomon Smith Barney took another hit today as the Superior Court of the State of California "ordered" publication that the state became the fifth separate class-action lawsuit to be certified against the firm's...

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