I think fraud in the investment and financial industry should be stopped. And when I see articles on how members of companies like the New York firm Laidlaw & Company are getting complaints on their brokers for fraud, I get worried again. But who is this Laidlaw firm?
They are an established and widely known investment firm. They provide public and private clients with investment advice. Matthew Eitner heads up the company as CEO and James Ahern is the managing partner.
The firm has managed large amounts of capital for years. Based in New York, they recently received a lot of charges and claims of misguided investment advice. The firm denies it, of course.
And all of this information got me thinking that advice today about finances is so bad. Basically, there is Rob Carrick in Canada, writing for The Globe and Mail, and he writes solid stuff. If you’re looking for practical advice on personal finance for the average person, check his column out.
But the rest of the advice out there seems so tainted. I mean, think about it. If you’re CNBC and you have Jim Cramer coming on every day and yelling at people to invest in this company and that company, how can you possibly be right all of the time?
It seems like they’re just focused on getting viewers and attention so they can charge more for advertising. But if they really wanted more ad revenue, why not give proven advice instead of just entertaining anecdotes? You know what I would like to see is a list of the investment advisers along with their stats. I want to know how much net profit they made for clients versus all the losses, then maybe fraud would go away for good.