By selling strutured product.  Yes, big I-banks sold them, but generally not to their individual wealth management clients.  Most investment advisors at that level ran away any structured product that their banks put in front of them to sell.  That’s why they turned around and sold them to lower level corner brokers like EDJ, because their salesforce is just that, a salesforce.  They don’t question the quality of a product with the same degree of knowledge that a wealth manager has.  Not their fault, they were educated by EDJ and with a BS in Geology from University of Southwest Nowhere State, instead of having a CFA and a Harvard MBA.  Who could expect them to peel back the layers of documentation that accompanied those structured products.  But did they really care anyway?  Cause it makes it easier to sleep at night and claim ignorance, while at the same time cashing in on their clients misfortunes.

By selling strutured product.  Yes, big I-banks sold them, but generally not to their individual wealth management clients.  Most investment advisors at that level ran away any structured product that their banks put in front of them to sell.  That’s why they turned around and sold them to lower level corner brokers like EDJ, because their salesforce is just that, a salesforce.  They don’t question the quality of a product with the same degree of knowledge that a wealth manager has.  Not their fault, they were educated by EDJ and with a BS in Geology from University of Southwest Nowhere State, instead of having a CFA and a Harvard MBA.  Who could expect them to peel back the layers of documentation that accompanied those structured products.  But did they really care anyway?  Cause it makes it easier to sleep at night and claim ignorance, while at the same time cashing in on their clients misfortunes.

I don’t think he has a problem with salespeople, he is simply saying that the only thing Jones people are are salespeople.



I would be interested to know if NewRep has a CFA and a Harvard MBA. And if so, I want to know when he graduated and who he his instructor was for Portfolio Management was.

it’s interesting how EDJ demonized fixed and variable annuities. Saying they were too expensive. After the market decline it appears they were a pretty good deal for investors (at least old investors bene’s have a chance at recouping some losses.)



Instead EDJ focused on mutual funds with no guarantees and invdividual structured notes for the fixed part of invstors porfolios.



the structured note part is now part of the biggest scam and financial meltdown in the history of the world

By selling strutured product. Yes, big I-banks sold them, but generally not to their individual wealth management clients. Most investment advisors at that level ran away any structured product that their banks put in front of them to sell. That’s why they turned around and sold them to lower level corner brokers like EDJ, because their salesforce is just that, a salesforce. They don’t question the quality of a product with the same degree of knowledge that a wealth manager has. Not their fault, they were educated by EDJ and with a BS in Geology from University of Southwest Nowhere State, instead of having a CFA and a Harvard MBA. Who could expect them to peel back the layers of documentation that accompanied those structured products. But did they really care anyway? Cause it makes it easier to sleep at night and claim ignorance, while at the same time cashing in on their clients misfortunes.

We're still talking about this?

You actually believe that the structured products groups at these firms weren’t moving their products down the line to sell them to those who they figured were not doing the analysis and due dilligence?  How do you think the distribution networks work?  Have you ever worked directly with one of those groups?  You say little silly little cliches like “paralysis by analysis”, but the fact is, those who did the due dilligence did not blow up their clients nearly as bad as those who just turned around and just sold the product without pouring through the documentation.  The mindset of the institutional salesperson is to find a channel least resistent to unload risk.  If you think I’m lying, do more research and talk to people who worked on those desks.  Comments like “you never sold” are just naive.  My insights, while sometimes harsh, come from experience and a perspective you most likely have never seen.  Bash away, but reality is reality.

You actually believe that the structured products groups at these firms weren’t moving their products down the line to sell them to those who they figured were not doing the analysis and due dilligence?  How do you think the distribution networks work?  Have you ever worked directly with one of those groups?  You say little silly little cliches like “paralysis by analysis”, but the fact is, those who did the due dilligence did not blow up their clients nearly as bad as those who just turned around and just sold the product without pouring through the documentation.  The mindset of the institutional salesperson is to find a channel least resistent to unload risk.  If you think I’m lying, do more research and talk to people who worked on those desks.  Comments like “you never sold” are just naive.  My insights, while sometimes harsh, come from experience and a perspective you most likely have never seen.  Bash away, but reality is reality.

[quote=iceco1d]Spiff…you know, now that I think about it…XBox 360’s theme colors are white & green…they would match the office decor just fine! 

Newrep, you sound intelligent, yet a pompus blowhard.  Any self respecting Joneser prides himself on being able to sell CAIBX and AIVSX to anybody and everybody.  Structured notes however are not that big of a part of the business.  The other “structured note” that was commonly found in inventory that got creamed were SLM bonds.  Is this what you are referring to?  While your brilliant “wealth mgmt” buddies were studying the documentation and pedaling ARS and CDOs, the humble  lower level corner brokers sold mutual funds and 30 year bonds from the likes of BAC, JPM, & T. 

You actually believe that the structured products groups at these firms weren’t moving their products down the line to sell them to those who they figured were not doing the analysis and due dilligence? Did this include ARS, SIVs, CDOs & CDSs? How do you think the distribution networks work? Apparently not very well in regards to the aforementioned products. Have you ever worked directly with one of those groups? Nope, but have you ever sold a bond to retail client? You say little silly little cliches like “paralysis by analysis”, but the fact is, those who did the due dilligence did not blow up their clients nearly as bad as those who just turned around and just sold the product without pouring through the documentation. I had less than 20 LEH bonds on the books when it went south. I have since transferred in another 20 from a managed account from Wachovia. I guess Wach’s SMA people didn’t do the research either. The mindset of the institutional salesperson is to find a channel least resistent to unload risk. Where were these great minds on the previously mentioned products. If you think I’m lying, do more research and talk to people who worked on those desks. Comments like “you never sold” are just naive. You say naive, I say true. My insights, while sometimes harsh, come from experience and a perspective you most likely have never seen. Bash away, but reality is reality.

Tap in inv,blowuptheworld to see inventory on the top secret investments Jones is now pushing to bring down the system.

surely the inventory is off the green screens by now…

Actually I'm jealous of the bond inventory they kept and the payout they had figured in.  where I'm at now I have to call the bond desk and see what's available and the payout sucks!

Haaa…jealous of Jones bond inventory…are you on crack?  Seriously, crack is whack!

yeah jealous, not on crack yet, ck back in 6 months.  Where else can you find a 30 yr bond and sell it to an 80year old.  They paid you fairly well to do that.