Re: ENRON, Paine Webber, and the Ethical Reg Rep -- Insurance Forum

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Date Posted: Thu, June 06 2002, 15:31:26
Author: Keith Busmente
Subject: Re: ENRON, Paine Webber, and the Ethical Reg Rep
In reply to: Brent D. Gardner, ChFC 's message, "ENRON, Paine Webber, and the Ethical Reg Rep" on Thu, June 06 2002, 13:26:31

Yes, corporate compliance can be a real pain in the ass. I've submitted material that was based on previously approved stuff (word for word, even) and had it rejected. It gets very frustrating at times when I want to say the correct thing, but know that I could get in a heap of trouble if I do.

>I've heard about the RR from Paine Webber who emailed
>his clients to sell a portion of their ENRON stock
>before it went South. Paine Webber used their firm
>rules (and NASD regs) to fire him, but I think its
>punitive in that ENRON was a client, too. I'm not
>happy with corporations doing this, and the regulators
>seem to have lost their way. This particular issue
>strikes close to home for me, too, since I've been
>cross ways with a compliance department for things
>that the NASD Advertising Department said was "silly"
>and "ridiculous" in light of the actual regulations.
>
>What does everyone think about this issue?
>
>When doing the right thing is against the rules,
>should the rules be changed?
>
>What is more important - serving our individual
>investor clients or the management of a company that
>has lost its way?

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Replies:

Re: ENRON, Paine Webber, and the Ethical Reg Rep -- Brent D. Gardner, ChFC, Thu, June 06 2002, 18:28:02