When Guns are Outlawed, Only Outlaws will have Financial Advisors

Ami Forte Morgan Stanley crookTrue, this grinning bankster chick didn’t kill anybody. She just ripped off a widow of some $400M — after sleeping with the woman’s husband (wonder what he died of? Did they do a thorough tox on him?).

But that’s OK, because the in-the-bank’s-pocket arbitrator awarded the ripped off widow almost 10% of what Sunshine here and the bank ripped off. Well, that’s all okay then.

Three years ago, Ami Forte was Morgan Stanley’s top woman adviser, managing more than $2 billion and was a high-flying member of the bank’s exclusive Chairman’s Club.

Now, after losing a brutal arbitration case this week that cost her and the bank $34 million for making excessive and unauthorized trades in the account of her now-dead client and alleged lover, she’s been kicked out by the bank.

“It’s not us, and it’s not Wall Street in general. It’s that one bad actor.” Yeah, keep telling us that.

Forte, of Palm Harbor, Fla, who joined the bank in 2000, was out just days after an arbitration panel found that she was responsible for years of improper trading, industry Web site Advisorhub.com first reported.

The Financial Industry Regulatory Authority ruled on Monday that Forte, 58, and her manager, Terry McCoy, were found to have made 12,000 improper trades and pocketing $40 million from the account of Roy Speer, the co-founder of the Home Shopping Network, who died in 2012.

They didn’t even have to give back all $40M that Morgan Stanley’s own owned-and-operated arbitrator said they stole. They got to keep $6M — a 15% commission on theft. Hey, when was the last time Morgan Stanley, or anybody, offered you 15% on anything?

Sorry, that’s a special deal for insiders. And you’re not one of ’em.

Speer’s widow Lynnda accused Forte of carrying on an affair with Roy until at least 2011. She had originally sought more than $400 million, and is looking to collect lawyer’s fees in Florida court.

via Top Morgan Stanley adviser’s ugly fall from grace | New York Post.

Of course, because it’s a New York paper, and stealing outsiders’ money by financial manipulation is the big industry in a company town, the story is all about how bad this is for poor Ami Forte. It’s like, fired by Morgan, what does she do now?

She’s probably already back at work. She’s displayed the character everyone has learned to associate with Goldman Sachs, and they’re hiring (they need someone to fill in stealing from the customers whilst Ted Cruz’s wife is out on the campaign, after all). Hell, the Clinton Foundation is hiring, and so is Chelsea’s husband’s son-of-Federal-inmate- hedge fund.

15 thoughts on “When Guns are Outlawed, Only Outlaws will have Financial Advisors

  1. Keith

    What do you expect in this fallen world where everything is relative including right and wrong?

    1. Jim Scrummy

      One of the nicknames for Goldman Sachs is “Vampire Squid”. Not that I’m a fan of Matt Taibbi (I’m not), but he wrote an article about GS in Rolling Stone, calling them Vampire Squid. Their tentacles are into everything, while they talk out of both sides of their mouths to their clients. A GS team shorted the MBS market back in 2007-08 timeframe, while GS was selling MBS’s that were suspect in financial viability. Gee what happened to the MBS market? Who won? GS is did, as they usually do.

    2. StBernardnot

      Goldman sux & others have been ripping the Central States Pension Fund to the tune of 50% cuts for the pensioners.

    3. ToastieTheCoastie

      The evidence is that she work for GS in the first place. We can assume thievery and sheistiness as much as if she was working for the Italian Mafia, except I understand they have some sort code of honor.

    4. Hognose Post author

      Well, she works for Goldman Sachs, which kind of rules out her doing anything honest.

      And I say that as a guy who voted for Cruz in the primary here.

    5. Haxo Angmark

      did I miss some evidence that Lloyd Blankfein’s gang of debt-bombers at GoldmanSachs are in the business of sucking the blood out of entire nations? No I did not. See: Greece, then…America, now. In addition, Heidi Cruz – also a “former” member of the corporate-warmongering Council on Foreign relations – published some early 2000’s globalista essays on the glories of open-borders, “free-trade”, and the “North American Union”. Ted Cruz has recently referred to the CFR as a “snake-pit”; lawyerman must have a short memory

  2. Y.

    Off topic – pretty sweet deal being offered here:

    https://www.washingtonpost.com/local/dc-politics/cities-have-begun-to-challenge-a-bedrock-of-american-justice-theyre-paying-criminals-not-to-kill/2016/03/26/f25a6b9c-e9fc-11e5-a6f3-21ccdbc5f74e_story.html

    So… one has to be trouble, but not in jail, and then Richmond’s gonna pay you as much as $1000 per month to not shoot anyone, get shot and so on.

    I wonder how long enterprising poor young men are going to try to get themselves into trouble to qualify for this scheme. $600-1000 a month for staying out of trouble sounds nice. How many hours at the range would that pay for?

  3. Tom Stone

    For anyone interested in how JPM, GS Et Al made billions by wrecking the economy there are several good sources. The coverage of the Magnetar trade in the book “Econned” is quite good and the site run by the author (Susan Webber) has had good coverage of these issues. Ms Webber’s opinions on social issues diverge widely from mine, but on this subject she’s good.
    The “Ubernerd” archives at “Calculated Risk” blog explain Mortgage Securitizations with clarity.
    The MBS scandal and Real Estate bubble have been hobbyhorses of mine since 2004…and I pass for sane.
    In California.

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