2 - Many people believe that the big Wall Street brokerage firms care more about lining their own pockets than helping clients. In a startlingly frank resignation letter published in the New York Times recently, one Goldman Sachs' employee exposed a rampant culture of greed and hypocrisy. The author is not just some disgruntled employee: Greg Smith was an executive director and head of the firm's United States equity derivatives business in Europe, the Middle East and Africa. He is an achiever of the first order who began working at the firm as an intern in college. The letter has caused quite a stir in the financial world. I urge you to click here to read it; you can feel the man's pain as he watches one of the world's most respected firms devolve into a culture in which he can not longer participate.
3 - Speaking of brokerage firms, take a quick look at the very entertaining video below. Produced by HighTower Advisors, it illustrates the difference between brokers and fiduciary advisors more clearly than I have ever seen it.
Have a healthy week!