[quote=fritz]Mike, it is my understanding my 18,800 check for the o/t lawsuits is in the mail on 11/21.  I do not know if you are in CA. If you are not i will have a cocktail in your honor that night.  I am buying for about 20 people that night to celebrate the fact that theses whorehouses had to cough up some $$$.[/quote]

Do you even know what topic you are responding to?

Congrats on your settlement, Fritz.  When, at any time while you were signing your employment agreement, were you told that you were a non-exempt employee and eligible for overtime? 

[quote=fritz]Mike Butler is a douche bag.[/quote]

You really are a miserable little fella, Fritz. There isn’t a negative rumor you won’t take to heart and then whine about, a chance to spew a little bile or spew a bit of general negativity you will pass up. Seriously, if you hate your firm and the biz that much, why are you still there? No options?<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

As to the peanut gallery who, knowing nothing of what’s happening at MS (that was the thread, you know) and don’t seem to have absorbed the fact that the “look for a big announcement” line which was the subject of this thread, has proved to be a just another is a string of  outlandish scaremongering about MS, I couldn’t give a flying Putsy about you opinions.

[quote=WealthAdvisor]

 incompetence is indeed entertaining, and the award goes to MikeButler222. Thanks for the laughs- you definately know how to turn a thread into garbage.

[/quote]

Check the sujbect of the thread, smart guy. It wasn't as if I changed the subject.

[quote=iconsult100] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Second...  MikeButler, I think you are a mix of hardwork, intelligence, and MS Koolaid.  [/quote]

No Kool-Aid, there’s much left to do, I’m simply tired of the BS scaremongering.

[quote=iconsult100]

FA headcount has gone down every time INCLUDING THE MOST RECENT REPORT. [/quote]

I have to admit I haven’t seen that in the Qtrly, where is that noted? I have seen where nearly 200 have joined us in the last six months. On the subject of people leaving I know personally of only one large producer who left, it was a year ago and it was over long simmering issues with (now gone) management. The guy would be happy to tell you (as he told me) that the uproar with Pursell leaving was a great cover story to give clients. No rational person would argue that the current team isn’t a massive improvement to the former lot. I hated Pursell with a passion, he did nothing but open his mouth and insert his foot to the detriment of the firm.

[quote=iconsult100]

 Productivity is going up..... why?  Lack of mediocre FAs, [/quote]

A great move and long overdue.

[quote=iconsult100] Lack of support staff, [/quote]

That’s an industry wide issue (I guess I’m pretty lucky on that count), and varies office to office, but at least the support staff is getting a long overdue raise.

[quote=iconsult100]

Lack of middle management, [/quote]

Another great move.

[quote=iconsult100]

and the introduction of the Bank Deposit program. (which all the major firms already had).[/quote]

Thus an apple to apple comparison.

[quote=iconsult100]Third... I see what is going on and IT IS GETTING BETTER and that is a fact not a rumor.

[/quote]

Uh, is that Kool-Aid you're drinking? Seriously, we’re saying the same thing. I’m very, very happy with the direction we’re going. We’re doing a power-wash to rid the firm of the last of the DW smarminess and it couldn’t come sooner. There’s much to admire about ML and getting that graft to the never completed DW/MS merger is in order.

I’m simply tired of people with nothing but a financial agenda or a grudge blathering about “a big announcement” or more cuts or being sold (although the last one may happen if the power wash fails).

[quote=mikebutler222]

I hated Pursell with a passion.

How well did you know him?  If not at all it's not good mental health to hate strangers.

[quote=Soon 2 B Gone

I hated Pursell with a passion.[quote=mikebutler222]

How well did you know him?  If not at all it's not good mental health to hate strangers.

[/quote]

Leaving aside the silly notion that you have to know personally people to hate them for their actions, Purcell made a habit of doing things like mouthing off to the press that it was "no big deal" the day AFTER the firm paid a massive fine to the SEC.  That led to several days worth of conversations with clients that I'd just as soon not have had. One tiny example of many.

I agree that Purcel was horrible.  I can't think of anything he did that was worthwhile to the firm. 

Mike - The earnings reports are on the MS website.  In the GWMG section it states the total FA count.  3rd Quarter has been the best yet, we only lost 50 FAs (net of additions).

I only said "KoolAid" because the company paints a nice picture, but once you dig a little, you find out it's 80% fact and 20% spin.  Unlike most of the BS being spun on here.

[quote=mikebutler222][quote=Soon 2 B Gone

I hated Pursell with a passion.[quote=mikebutler222]

How well did you know him?  If not at all it's not good mental health to hate strangers.

[/quote]

Leaving aside the silly notion that you have to know personally people to hate them for their actions, Purcell made a habit of doing things like mouthing off to the press that it was "no big deal" the day AFTER the firm paid a massive fine to the SEC.  That led to several days worth of conversations with clients that I'd just as soon not have had. One tiny example of many.

[/quote]

You would have preferred that he said that it was a massive fine, it might jeopardize the firm, it was proof that they had done wrong, and a host of other negatives?

Would that have been better?

[quote=Devil’sAdvocate][quote=mikebutler222][quote=Soon 2 B Gone

I hated Pursell with a passion.[quote=mikebutler222]

How well did you know him?  If not at all it's not good mental health to hate strangers.

[/quote]

Leaving aside the silly notion that you have to know personally people to hate them for their actions, Purcell made a habit of doing things like mouthing off to the press that it was "no big deal" the day AFTER the firm paid a massive fine to the SEC.  That led to several days worth of conversations with clients that I'd just as soon not have had. One tiny example of many.

[/quote]

You would have preferred that he said that it was a massive fine, it might jeopardize the firm, it was proof that they had done wrong, and a host of other negatives?

Would that have been better?

[/quote]

What would be better than saying to the press after you pay a massive fine that it was "No big deal"? Just about anything, Putsy. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

How about starting with "We've learned from our mistakes and measures have been put in place to see to it that such conduct won't be repeated"? Instead, ol’ foot in mouth made it sound to clients like he didn't give a rip and the SEC took it the same way, as they publicly called him on the carpet for it. The fact is, we were wrong and should have simply owned up to it. It’s called honesty and some people think it’s not only the right thing to do, but it “sells well” to boot.

It was a stunningly stupid thing to say and it fit his pattern of conduct from employing a shoddy management team at most every level, to allowing his retail brokerage arm to look like a line up of the worst of the stereotype of insurance salesmen to include paying them more for poor performing proprietary mutual funds and letting them dress that part, plain polyester sports coats and all. You really don’t want to get me started on the people who allowed the MS name to be sullied by attaching the “stocks and socks” crowd to it without conducting a top to bottom power washing and letting the two parts languish.

You know what, Putsy, you strike me as someone who would have been right at home with Phil’s “team”….

The brokerage industry is constantly under attack, and what those who are being heard cannot do is ever admit guilt.

If you were sued--and if you're not ever sued you're not trying hard enough to make a living--that suit will be settled most of the time.  The settlement statement will be reported as, "Without admitting nor denying.........."

If something such as "We learned from our mistakes, blah, blah, blah" is a form of admitting.  If you admit you open to door to others to come at you for the same reasons.

Flipping off anything and everything is what you have to do when you run an organization that is constanly under attack.

How often have you seen a defense attorney come out after a trial and admit that his client was guilty and got what he deserved?

Hermann Goering.  Why?

[quote=Devil’sAdvocate]

The brokerage industry is constantly under attack, and what those who are being heard cannot do is ever admit guilt. [/quote]

That may well be the dumbest thing you've ever said, Putsy. If you get caught with one of your regional sales managers running illegal contests, FACE UP TO IT. Admit it, take the hit, FIX IT and move one. If you get fined for paying your brokers more for selling in-house funds, admit the error, change the policy and MOVE ON. The LAST THING you want to do is give the public and the SEC a Bronx cheer, you feeble minded hack.

That's just to sort of gibberish I'd expect from someone who didn't have to face clients after some corner office moron made stupid comments that reflected on us all.

[quote=Devil’sAdvocate]

If you were sued--and if you're not ever sued you're not trying hard enough to make a living--

[/quote]

That sounds like something a manager would say to a broker being sued to get his head back in the game.

Do you mean that lawsuits are inevitable and unavoidable?

If you were sued--and if you're not ever sued you're not trying hard enough to make a living--

[quote=mikebutler222][quote=Devil’sAdvocate][quote=mikebutler222][quote=Soon 2 B Gone

I hated Pursell with a passion.[quote=mikebutler222]

How well did you know him?  If not at all it's not good mental health to hate strangers.

[/quote]

Leaving aside the silly notion that you have to know personally people to hate them for their actions, Purcell made a habit of doing things like mouthing off to the press that it was "no big deal" the day AFTER the firm paid a massive fine to the SEC.  That led to several days worth of conversations with clients that I'd just as soon not have had. One tiny example of many.

[/quote]

You would have preferred that he said that it was a massive fine, it might jeopardize the firm, it was proof that they had done wrong, and a host of other negatives?

Would that have been better?

[/quote]

What would be better than saying to the press after you pay a massive fine that it was "No big deal"? Just about anything, Putsy.

How about starting with "We've learned from our mistakes and measures have been put in place to see to it that such conduct won't be repeated"? Instead, ol’ foot in mouth made it sound to clients like he didn't give a rip and the SEC took it the same way, as they publicly called him on the carpet for it. The fact is, we were wrong and should have simply owned up to it. It’s called honesty and some people think it’s not only the right thing to do, but it “sells well” to boot.

It was a stunningly stupid thing to say and it fit his pattern of conduct from employing a shoddy management team at most every level, to allowing his retail brokerage arm to look like a line up of the worst of the stereotype of insurance salesmen to include paying them more for poor performing proprietary mutual funds and letting them dress that part, plain polyester sports coats and all. You really don’t want to get me started on the people who allowed the MS name to be sullied by attaching the “stocks and socks” crowd to it without conducting a top to bottom power washing and letting the two parts languish.

You know what, Putsy, you strike me as someone who would have been right at home with Phil’s “team”….