Prometheus 6

Firms Faulted Over Misleading Seniors At Investing Events
By Marcy Gordon
Associated Press
Monday, September 10, 2007; A10

An investigation by federal and state regulators of "free lunch" investment seminars aimed at seniors has found high-pressure sales pitches masquerading as educational sessions, pervasive misleading claims for unsuitable financial products and even fraud.

Much of the blame goes to investment firms for failing to properly supervise their employees who put on the seminars for seniors, according to the report of the investigation being made public today. By law, the sales pitches made at the seminars and the materials provided to participants must be approved by a brokerage or investment firm's supervisors.

How many people's business plans depend on their clients or customers having imperfect knowledge?

I believe there are entire industries...sub-industries like drug insurance for the poor, and credit cards...that enhance their profitability by creating ignorance. FUD...Fear, Uncertainty, Doubt...is the inevitable result of ignoring Occam's Razor.

And they always target people who cannot reasonably be expected to know how they can get screwed.

You know why? Because the business of America is business. Caveat Emptor.

In other words, because they know they can.