Does Your Broker Owe You Money? Dan Solin's New Book Asserts Brokers are ``Emperors With No Clothes''.Business/Photo Editors NOTE TO MEDIA: Multimedia assets available NEW YORK--(BUSINESS WIRE)--Sept. 19, 2002 With the stock market on its way to its third straight year of significant losses -- an ugly streak not seen since the Great Depression -- literally trillions of dollars of wealth has disappeared. But it may not be just a case of a bad economy or a technology bubble bursting -- it may be that your broker, through incompetence, ignorance, indifference, illegality, conflict of interest or greed, is financially responsible for some or all of your loss. In his controversial new book, DOES YOUR BROKER OWE YOU MONEY? (Alpha Books), securities lawyer Dan Solin discusses, with riveting riv·et·ing adj. Wholly absorbing or engrossing one's attention; fascinating: The last chapter was so riveting that I was reading past midnight. examples, the following: 1. How brokers are "emperors with no clothes" who routinely claim they can pick winners or time the market, when all of the evidence is to the contrary; 2. Why most investors should not use brokers at all because they "add cost and subtract value." 3. How investors who have been victimized by brokers can get their money back; 4. How the present system of mandatory arbitration Mandatory arbitration is a contract policy that prevents a conflict from receiving judicial attention. In a mandatory arbitration, liability for damages must be determined as a result of an arbitration process before a civil lawsuit can be filed in the court system. has been rigged against investors by the securities industry and what should be done about it. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Solin, "investors have been sold a bill of goods bill of goods n. pl. bills of goods 1. A consignment of items for sale. 2. Informal A plan, promise, or offer, especially one that is dishonest or misleading: "The salesman himself . by the brokerage community and they are paying the price for it. Brokers routinely steer investors away from prudent portfolios, validated by Nobel prize Nobel Prize, award given for outstanding achievement in physics, chemistry, physiology or medicine, peace, or literature. The awards were established by the will of Alfred Nobel, who left a fund to provide annual prizes in the five areas listed above. winning research, and instead put them into risky and unsuitable investments." Solin asserts that, if investors understood their rights, "instead of only 8000 securities arbitrations being filed each year against brokers, the number would be closer to 8 million." Craig McCann, a former SEC economist states that "...for many investors, this will be the most important book they ever read." And William J. Bernstein, author of The Intelligent Asset Allocator and The Four Pillars Four Pillars may refer to:
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