Analysis on how newly enacted regulat
Table of Contents
Foreword xi Preface xiii
Acknowledgments xix
Introduction xxiii
CHAPTER 1: Road to Recovery 1
A Sharp Stick 1
Dodd-Frank: The Engine That Could 2
Rejecting Acceptance 4
The Incalculable Threshold 5
Dealing with the Demons 6
What Went Wrong? 7
What Can Be Done? 7
Criminal Trials 8
Civil Litigation 14
Class Action Litigation 17
Mediation 18
Arbitration 20
Notes 21
CHAPTER 2: Rock, Paper, Scissors 25
Five, Cinq, Fu¨nf, Cinco 25
Category 1 ADR: Member Firm versus Member Firm 27
Category 2 ADR: Employee versus Member Firm 29
Category 3 ADR: Member Firm versus Employee 31
Category 4 ADR: Member Firm versus Private Investor 33
Category 5 ADR: Investor versus Member Firm 34
Notes 38
CHAPTER 3: Paperwork and Nostalgia 41
Equity, Epieikeia, or Myth? 41
Challenge of Solo Flight 44
A Trip to the Clinic 46
Paper versus Panel 47
The Perfect Counsel Is Imperfect 48
The Cone of (Near Total) Silence 50
Historical Revisionism 51
Strange Ways 52
Notes 53
CHAPTER 4: Revolutionary Acts 55
Jewels Among the Stones 55
Three Chords and the Truth 57
Your Story, Your Commitment 57
The Edge of Courage 60
More Than a Suggestion 62
Customer Requirements, List 2 62
I See Something That You Don't See 64
Respondent Requirements, List 1 65
Negligence/Breach of Fiduciary Duty, Lists 9 and 10 66
Churning, Lists 3 and 4 67
Failure to Supervise, Lists 5 and 6 69
Misrepresentation/Omissions, Lists 7 and 8 70
Unauthorized Trading, Lists 11 and 12 71
Unsuitability, Lists 13 and 14 72
Reform through Reduction? 73
A Venue for Intellect and Reason 74
Notes 75
CHAPTER 5: Expect the Unexpected 77
Tracking an M-80 77
The Baker's Dozen 78
New Account Paperwork 79
Customer Monthly Statements 81
Customer Federal Tax Returns and Schedules 83
Communications 84
Presentations and Proposals 85
Commissions and Fees 86
Compliance Manuals and Evidence of Supervision 88
Business Unit Audit Results 90
Regulatory Central Data Records 91
Prospectuses and Offering Documents 92
Phone Records 93
Marketing Materials 93
Damage Calculations 94
Notes 97
CHAPTER 6: The Lean Compromise 99
In Other Words, Schiedsgerichtsvereinbarung 99
Augustinian Guidance 101
Mediation, Act I: Getting to Know You 106
Mediation, Act II: We Are Gathered Together 108
Mediation, Act III: I'm a Victim 109
Mediation, Act IV: Hold On, Not So Fast 111
Mediation, Act V: Deal or No Deal? 113
Notes 115
CHAPTER 7: Arbitration: People, Places, and Things 117
Arbitration (Third Century B.C.) 117
People 119
Places 121
Things 122
Arbitration Script 125
Notes 150
CHAPTER 8: The Advocates 151
Advocacy, Not Advice 151
Margery S. Bronster 152
Louis F. Burke 156
G. Kent Edwards 163
Richard S. Frankowski 167
Jan Graham 173
Charles C. Mihalek 176
Tina Morin 180
William S. Shepherd 186
Wisdom 2,317 Miles from Wall Street 189
Notes 189
CHAPTER 9: End of the Beginning 191
Wabi-Sabi 191
Twenty-Four Points 192
A Graphic Graphic 195
The Equation 198
We the People 198
Notes 199
About the Author 201
Index 203
