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BrokeAndBroker.com Blog by Bill Singer Esq WEEK IN REVIEW

May 30, 2020

http://www.brokeandbroker.com/5244/finra arbitration best/
Trailing in the fourth quarter, Claimant Best needs a quick, desperate score, and he opts for the old in-and-out play with seconds left on the clock. As the ball was hiked, the Non-Attorney Rep was in. Then the Non-Attorney was out. Then the admitted Attorney was in. Then the admitted Attorney was out. Then the Non-Attorney was almost in but not quite. Then the admitted Attorney was out but a new admitted Attorney was in. There's more in-and-out in this FINRA arbitration then in a porn film.

http://www.brokeandbroker.com/5245/aegis frumento insecurities nyse/
In today's Guest Blog, Aegis Frumento notes that this past Tuesday, Governor Cuomo rang the opening bell at the New York Stock Exchange and later declared it a symbol of New York turning the corner from the coronavirus lockdown to the renaissance of the City's economy. That would be nice, but from all appearances, Frumento laments that economy still needs a ventilator. Worse, choosing the NYSE Floor as the symbol of the City's new day was a misstep. The Floor is not the future, but the past quickly receding into history. Clearly, Frumento is not all warm, fuzzy, and cheery within the embrace of social distancing and working from home.

http://www.brokeandbroker.com/5235/cnbc-jeremy-siegel/
Siegel's observations smack of the musings of someone who has gone beyond his area of expertise. His purported nugget of wisdom amounts to little more than: If my aunt were a man, she'd be my uncle. If the COVID crisis ends, if there is no second wave, if there is a therapeutic but not a cure or vaccine, if sanity will replace stupidity overnight -- as if by magic, if pigs will fly, everything will work out just great and, wow, the markets will skyrocket. It is poetry without rhyme or reason. Siegel asks us to ponder what if a much of a which of a wind gives the truth to summer's lie. We consider blowing hope to terror, blowing life to isn't; blowing death to was. It is sad to see a Wharton professor waste his talent and intellect on such silliness.

http://www.brokeandbroker.com/5234/Legend-Cetera-First-Allied-Lincoln /
Sometimes a mess is indeed a mess. Former Legend Capital reps Cecchini and Oppedisano retired from that firm way back in 2001. They went out to pasture subject to the terms of a Legend program that promised to pay them overrides provided they remained registered. I'm not quite sure about the regulatory and compliance soundness of that policy from the perspective of 2020 but that's another issue for another article for another day. In 2017, the override spigot was turned off by someone. Legend? Maybe. Maybe not. By a firm that had acquired Legend? Maybe. Maybe not. Who the hell stopped the payments and why? Ahhh . . . now you got the gist of a FINRA arbitration and federal lawsuit!

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