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Force Majeure Markets~ How long can this Alice in Wonderland Market ignore the numbers?
I broke the news to her as gently as possible that those companies were worthless and her portfolio, full of forgotten names, was unlikely to come back. She burst into tears and sobbed for many minutes.
When she regained her composure, she finally admitted that was her worst fear.
She did not know what to do.
By that time the Supreme Court eliminated court trials for costly Wall Street mistakes. A Masters Swimmer lawyer friend who was also Mayor said that saved Wall Street Firms billions in settlements.
Today that number may be trillions.
The Supreme Court replaced trials with binding arbitration from a panel of Wall Street insiders, not exactly trial by citizen jury of peers as the Constitution requires.
She was advised to contact a lawyer.
She said she no longer had enough money, only social security.
(With current government deficits of $266 Billion last month, people may not long have Social Security or Medicare as they know it.)
I told her maybe she could find a lawyer who could look at her statements and take the case on contingency. I referred her to a lawyer friend who had won damage awards from Securities Arbitration Panels against smaller firms.
(I sat on a Securities Arbitration Panel for a while and was so disgusted I withdrew.)
She asked if I could help her manage what was left of her portfolio, less than 1% of its former value. I said I would do my best and she filled out the new account paperwork.
The next day, sleepless, full of anxiety, fear and misgiving, she called to cancel the account and even wanted the signed papers back.
I never heard from her again. My lawyer friend said she did not call.
