I left Wall Street in 2001 and wrote an Secrets of the Wirehouse Repost” target=”_blank”>expose that ended up getting me featured in the New York Times Bestseller The Number, by Lee Eisenberg. Since then, Wall Street has gotten even worse (which I didn’t think possible). It is an infected, broken and dysfunctional environment that has led this country and the world to the brink of disaster – yet it continues to breath, feed and prepare for its next meal.
Yesterday, in an Op-Ed in the New York Times an employee exposed Goldman Sachs continual betrayal of its clients’ best interests, I urge you to read this fantastic letter:
More importantly, I’ve seen many friends and colleagues chewed up and spit out by the financial services industry – it saddens me.
This leads me to my real purpose today – bringing attention to a friend, colleague and true fiduciary – Mark Mensack. I met Mark a few years ago and we had similar stories to tell, which led to a kinship. His story however ended much different than mine, in tragedy – the brokerage world has beat him up and left him for dead. What they don’t know is that Mark didn’t die from his beatdown, instead he is rising form the ashes and taking his fight public.
Dow Jones today published at least a portion of Mark’s story – “Broker Bankrupted in Kangaroo Court”, there is more, but this short article gives you a good idea.
The author states at one point:
To me, this is the very definition of a kangaroo court: An alleged hall of justice that loses–and even tampers with–key records in its leaps of judgment. What kind of organization shuts down a whistleblower’s claims, bankrupts him with a $1.2 million order and then can’t find the testimony behind its damning decision?
Mark is a stand up guy, the article goes into just a snippet of his credentials:
Unfortunately, he can’t stop taking the word “fiduciary” literally. A commissioned U.S. Army officer, he taught philosophy and ethics at the U.S. Military Academy in West Point, New York. He is also an Accredited Investment Fiduciary Analyst and continues to work as an independent fiduciary consultant.
The financial services industry is out of control (and has to much control over congress and politicians in general). When you go up against them – they bankrupt you.
While they may have crushed Mark finically, he fights on – and I for one stand with him.
Scott Dauenhauer CFP, MSFP, AIF