OT SS going to the source

On 1/9/05 10:37 AM, in article ,
"escape" wrote:

On Sat, 08 Jan 2005 10:14:23 -0500, Cheryl Isaak
opined:

On 1/8/05 9:58 AM, in article ,
"escape" wrote:

On 08 Jan 2005 06:20:40 GMT, S (Karen C - California)
opined:

In article , Brenda
writes:

While changing won't be mandatory, you know people who really don't even
understand how simple interest works will be under a lot of pressure to
change.

Yep. And if they're working with a stockbroker who gets paid for every
trade,
the naive may end up broke. Mom's neighbor didn't understand the market
the
way her late husband did, so she signed something giving the broker the
right
to make any trade that he deemed acceptable, thinking he'd make better
decisions than she could. He apparently made a trade every half-hour until
most of her account had been drained by those per-trade fees.

That's illegal and I don't believe you.

Oversight of brokerage houses varies state to state. It would be possible in
NH to get some to sign a power attorney to do just that. Is wrong, yes.
Illegal, possibly not!

The stock market is not for everyone. Too bad this guy didn't set up a
limited trust or other vehicle to protect his wife.

Cheryl

Oh, you didn't say power of attorney. Well, of course in that case. However,
I
don't know that anyone would ever sign power of attorney to someone outside
their family. I guess there are people that out of the loop, but where is the
family?





Need a good, cheap, knowledge expanding present for yourself or a friend?
http://www.animaux.net/stern/present.html


That form to make trades on his discretion is a type of limited power of
attorney.

Cheryl

On 1/9/05 10:41 AM, in article ,
"escape" wrote:

On Sat, 08 Jan 2005 18:32:31 GMT, "Dr. Brat" opined:

escape wrote:

On 08 Jan 2005 06:20:40 GMT, S (Karen C - California)
opined:


In article , Brenda
writes:


While changing won't be mandatory, you know people who really don't even
understand how simple interest works will be under a lot of pressure to
change.

Yep. And if they're working with a stockbroker who gets paid for every
trade,
the naive may end up broke. Mom's neighbor didn't understand the market
the
way her late husband did, so she signed something giving the broker the
right
to make any trade that he deemed acceptable, thinking he'd make better
decisions than she could. He apparently made a trade every half-hour until
most of her account had been drained by those per-trade fees.


That's illegal and I don't believe you.

You don't believe that someone would do something illegal? Wow.

Elizabeth

Yes, I certainly do. Any broker worth their salt, who is licensed would never
make a trade every half hour till most of anyone's account was drained for
per-trade fees. It's simply crap and imaginary stories being made up. No
broker
would do that because the risk of losing their license is about 100%.

I do believe that people do illegal acts, sure, I just don't believe this
cockandbull story.



It can and does happen - all to often. And I've been approached by someone
claiming to be from a brokerage I've used to have him make trades on my
behalf. Forwarded the info back to that house, person was using a stolen
list, preying on women listed.


Cheryl

"escape" wrote

It was the "every half hour" BS I objected to.

Yes--one wonders how the poor broker ever spent his ill-gotten gains if he
was that obsessed with one account!!
Dawne

escape wrote:
Oh, you didn't say power of attorney. Well, of course in that case. However, I
don't know that anyone would ever sign power of attorney to someone outside
their family. I guess there are people that out of the loop, but where is the
family?

Some families, like mine, are quite "fractured". My mother has been
going through quite a medical trial. I tried - without success - to
intercede. Her significant other of 25 years now has "power" should she
be incapacitated. My brother is second in line, I'm third. The problem
is, the sig. other doesn't have a clue. My brother lives 3,000 miles
away and claims there is no depression, it's the pain (he's an idiot).
Since I offered different advice based on a consult with my own
physician, I'm practically out of the picture.

Because of the new HIPPA laws, relatives are pretty much incapable of
helping if the ill person doesn't want their help.

Dianne

--
"The Journal of Needlework" - The E-zine for All Needleworkers
http://journal.heritageshoppe.com

It does happen. It is similar to any employee of any firm who gets into
embezzlement. The broker is addicted to money and power. Elderly
individuals with no close family are targeted. If your customers are
completely unaware they are being taken, who is going to report the
abuse? The broker doesn't lose his license until he is caught...

One of my early post-college jobs was with a commodities brokerage. I
know there are a lot of dirtbags out there who engage in a lot of
addictive behavior. I did what I could to help get one fired. There
are also some really good brokers who understand that making money for
their customers builds a great long-term relationship that will also be
profitable for the broker.

Personally, I would never trust a broker in a one-man office. Sure, an
office full of people could collude to defraud customers, but it isn't
as likely since they would never be certain who might blow the whistle.

escape wrote:
Yes, I certainly do. Any broker worth their salt, who is licensed would never
make a trade every half hour till most of anyone's account was drained for
per-trade fees. It's simply crap and imaginary stories being made up. No broker
would do that because the risk of losing their license is about 100%.

I do believe that people do illegal acts, sure, I just don't believe this
cockandbull story.

--
Brenda

Hi Gary,

How would most react if they saw the following advertisement
in their newspapers and on CNN??

"To all insurance or investment companies".
To all insurance or investment companies, hereby take note
that the United States federal agency which administers the
Social Security fund (SS) on behalf of the citizens of the
United States of America is seeking a buyer and administrator
for said fund. Highest bid may not necessarily by accepted.
All sealed bid must be in the office of GWB by Feb. 30/05

Companies located in the State of Texas should indicate so
on the outside their bidding envelope!

Fred

"Gary V. Deutschmann, Sr." wrote
in message ...
Hi Barbara

I really doubt they will ever decrease SS benefits, regardless of what
they are claiming.

It would probably cause the largest class action lawsuit in history!
Retired Citizens of the United States vs The Federal Government
Immediately followed by SS Contributors vs The Federal Government

First BASIS for a lawsuit, SS Funds are INSURED.
Second BASIS for a lawsuit, SS Funds were balanced in 1974.
Third BASIS for a lawsuit, SS Funds Contributed Since 1974 Belong to
the Contributors for the PURPOSE INTENDED, Retirement Income.
Fourth BASIS for a lawsuit, the 1935 LAW enacting SS did not allow for
any other use of SS Funds other than as a Retirement Fund.

The Government can give away Billions of Dollars to Other Countries in
FREE AID, but they can't cover their own withdrawals from Insured
Funds. Don't believe it for a second!

TTUL
Gary

escape wrote:
On Sat, 08 Jan 2005 17:34:46 -0500, Cheryl Isaak
opined:


On 1/8/05 4:33 PM, in article
et, "Dr. Brat"
wrote:


Cheryl Isaak wrote:


You little devil brat you!


And you had to ask how I got my name. *grin*

Elizabeth (earned it, I did)

See my off list email to you!

Oooo, gonna gossip! Oollloooo

If reiterating that I'm a brat is gossip....

Elizabeth
--
*~*~*~*~*~*~*~*~*~*~living well is the best revenge~*~*~*~*~*~*~*~*~*
The most important thing one woman can do for another is to illuminate
and expand her sense of actual possibilities. --Adrienne Rich
*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~ *~*~*~*~*~*~*~*~*~*

Dianne Lewandowski wrote:

Because of the new HIPPA laws, relatives are pretty much incapable of
helping if the ill person doesn't want their help.


And even if they don't mind the help...my neighbor has been through a
couple of situations where her child got sick while away at college, and
because of HIPPA laws they wouldn't tell her much of anything until
after several phone calls. And each new person she spoke to, she had to
"prove" herself all over again. Eventually she'd get the cooperation,
but there were a lot of hoops to jump.

I'm semi-worried because my DD has chronic health problems and she'll be
18 during her senior year in high school. Then off to college (we hope,
anyway) but I know her first health crisis will be very hard on us all.
I think for her 18th BD we'll visit a lawyer for whatever legal forms we
need to be consulted in her health care....and maybe then she can get
the tattoo she's always wanted, but it will be her medical consent form
tattooed on her body somewhere so all the hospital personnel will have
permission to talk to me, too! VBG

Sue

In article , Dianne Lewandowski
writes:

where is the family?

Some families, like mine, are quite "fractured".

And some families don't exist. This couple had no children. He had no
siblings -- the only living relative he knows about lives in Germany. She has
one sister; the sister and her family are equally unfamiliar with investments
and therefore would have been of no help as an advisor.

She put her trust in the one person she knew who understood stocks. It turned
out to be a bad decision. He knew that she didn't understand finances, and
simply hoped that she would never figure out that he'd taken advantage of her
naivete. If she'd done her own taxes, he would have gotten away with it. When
she called to talk to him about it, he first cooed in her ear that the stock
market had tanked and everyone lost a lot of money, until he realized her
accountant knew that more of the lost money went into his pocket than into the
falling Dow.

I can assure you, there are plenty of people who don't mind doing something
illegal if they think they won't get caught. The lawyer down the hall from us
made good money defending people who thought they could get away with
embezzlement, securities fraud, pyramid schemes, etc. Two lawyers I crossed
paths with were disbarred; they thought the odds of getting caught were small
enough to be worth the risk.
--
Finished 12/8/04 -- Army bear ornament
WIP: Fireman's Prayer (#2), Amid Amish Life, Angel of Autumn, Calif Sampler,
Holiday Snowglobe

Paralegal - Writer - Editor - Researcher
http://hometown.aol.com/kmc528/KMC.html

"Cheryl Isaak" wrote
But is the government making decisions that are any better?

Governments may make poor investment decisions, but not so poor as people
who put all of their retirement funds into Beanie Babies or sports cardsa
few years ago. Governemnts, at least up here, don't tend to fall for get
rich quick schemes, and people do. I get so frustrated when stories hit
the news like the retired teacher in a nearby town who put all of his
retirement savings into some too good to be true scheme (mines in some
exotic locale, I think) with an unheard-of rate of return pitched by some
con man, lost it all, and then demanded "the government should do
something" to restore his lost money to him.
Dawne