How to Get Revenge on Wall Street
Let's say you're a Citigroup (C) brokerage customer, and two years ago, at the urging of your broker, you bought a bunch of WorldCom shares. Your broker iced the deal by bragging about how the firm's hotshot telecom analyst, Jack Grubman, kept predicting the stock was going to the moon.
Two years later, your investment in WorldCom is practically worthless, as the telecom giant struggles to emerge from bankruptcy. Grubman, meanwhile, has been drummed out of the securities business -- exposed as being nothing more than a Wall Street version of a snake-oil salesman.
It's a situation that describes the predicament facing many investors who got burned buying stocks based on Wall Street hype, whether they got hit by Grubman's questionable turnabout on AT&T (T) or one of the more outlandish buy recommendations on Qualcomm (QCOM), Amazon (AMZN) or JDS Uniphase (JDSU).
So what's the best way for investors to exact a measure of revenge against Wall Street? Should you file an arbitration claim against an analyst and his brokerage firm, or join one of the dozens of class-action lawsuits that have been filed in the aftermath of last year's investigation into tainted stock research?
|Wall Street's Loss Won't Be Your Gain|
|How to Get Revenge on Wall Street|
|The Art of Arbitration|
|Is Class Action Right for You?|
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