Finance Scandals & Scams: Tell The Truth And Don't Steal From Shareholders!
We humans are as inventive on the "Dark Side" of economic activity as we are in developing beneficial new items and services. In the face of huge financial rewards, however, several corporate executives cannot resist taking an additional dessert even before their shareholders have finished dinner.
Here are some candidates for the future "Blockbuster Scandal Rewards" (B S Awards, if you will): Variable Life Insurance Coverage & Annuities, Wrap Accounts, Portfolio Window Dressing, Asset Allocation Mutual Funds, and even Obscene Executive Compensation.
1) Variable Insurance & Annuities: Variable products are a relatively new thing in the insurance industry, circa 1980 or so. Prior to that, the conventional wisdom labeled the Shock Market much too risky for Life Insurance Policy as well as Annuity Contract guaranteed benefits.
In reality, these rewards had been "guaranteed" for such a long time that it became a generic expectation of anyone within the market for either. So why did the State Insurance departments cave in during the Variable Product lobby?
2) Wrap Fee Investment Accounts: From the very start of money, the very affluent employed Investment Managers to protect and to grow their portfolios.
Many Investment Managers had just a few huge clients that they tended to as the rest of the fledgling financial industry focused entirely on property protection and estate development through life insurance.
Nearly all investors today will employ many Investment Managers and never actually speak to them. If this is what you're experiencing, contact a nz fsp from any of the new zealand offshore banks by simply searching: fsp new zealand.
3) Portfolio Window Dressing: Every quarter, each year, we hear about the improvements that portfolio managers make as they make an effort to look smart to their largest clients.
At this point in a discipline (Investing) that they all officially recognize as a long-term commitment to some specific strategy or plan, why do the Experts of the Universe spend so much time adjusting their short-term performance numbers?
Why is this thought of as business as usual rather than common fraud?
4)Asset Allocation Mutual Funds: I view Asset Allocation a bit differently than most professionals seem to and I regulate and monitor a portfolio's structure utilizing the cost basis of securities rather than their Market Value.
But how, realistically, can a one-size-fits-all Mutual Fund be the suitable mix for all investors?
5) Corporate Executive Compensation: I passionately believe that all of us have the right to become filthy rich, legitimately of course. I respect anyone who gets there honestly because their success results in jobs, opportunities, wealth, and a higher quality of life for all.
But, as soon as they sell shares of their successful businesses to the public, they have a responsibility to share future profits and advancement. Obscene executive suite compensation (right down to the chauffeured limousines) is simply stealing from investors.
Four of the 5 candidates for this year's Blockbuster Scandal (B S) Awards were definitely created on Wall Street. The 5th is ignored by it. Which one bothers you most?
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