Wall Street Gambling Risks Surpass Las Vegas: Study
In a four-year study conducted in Las Vegas by Securities Arbitration Group & Hotline, 77% of responding Americans were found to trust Las Vegas gaming odds over those obtained by investing with Wall Street firms. What does this say about the state of investing in stocks and other investments today? What does this mean to the savings rate of Americans? How does Wall Street rebuild lost trust and can it? Can government take action and should it help?
“We went in with no preconceived notions. The group was evenly split between males and females, marital status was not an issue, and the age group was between 40-54. Self-stated income ranged from $50,000 to $750,000 annually. Survey participants must have been U.S. citizens. Further, the subjects must have been employed persons or, if married, one of the partners must have been gainfully employed or self-employed,” said Young.
The findings: 77% stated that Wall Street investing carries with it a “significantly” higher degree of risk than Las Vegas gambling. This was the most telling conclusion. People, in the Securities Arbitration survey, did not and do not trust Wall Street.
Of those 77% who don’t trust Wall Street, when asked the reason many cited the Enron debacle, the Internet/tech boomlet, and others indicated that Wall Streeters “look out for themselves first and are guided by commissions and fees in making recommendations.”
Asked about the “burn” rate; that is: Have you been burned by your stockbroker or Wall Street brokerage, 34% said that they had. No One of these 34% said that he did anything about it. When asked as to the reason, All said that they did not know that they had any rights or opportunities to resolve disputes with Wall Street. Not One respondent had heard of the term “securities arbitration.”
“I concluded that the findings confirmed what I have suspected for 20 years: That Wall Street is more of a risky gamble than Las Vegas in the eyes of most Americans, that burned or abused Main Street investors don’t know of securities arbitration and their rights of recovery when and if they have been burned. We learned that so many people are ripped off by Wall Street and fail to take action, ergo they are guaranteed to lose twice,” said Young.
This means that “we must do more to get the word out to all 50 states via the media that if people are burned by Wall Street, securities arbitration is standing ready to offer them an opportunity to fight back and win on a level playing field (not like Las Vegas!), with fairness of process, and in a cost effective, time efficient manner,” concludes Young.
For More Information: Call Paul Young or Caren Gellman at Securities Arbitration Group at 310-475-6868.
Who they are: Paul Young is both an experienced advocate for burned investors nationwide case by case by case and founder of Securities Arbitration Group and the Securities Arbitration Hotline @ 1-800-222-4724. Their job is to get money back for burned MainStreeters. Paul has recovered millions for real people in his career using securities arbitration.
Securities arbitration is available in all 50 states for burned investors. It is the savior of the burned investor. Learn more at 1-800-222-4724. Your listeners, viewers, Internet and print readers may thank you as polls indicate that the economy leads in the concerns of people nationwide.
Young’s Securities Arbitration has operated the only and leading free, 50 state Securities Arbitration Hotline for 20 straight years specifically for people who know or think that they have been ripped off by their Wall Street brokerage. Please mention it on-air or in print at 1-800-222-4724. “Securities Arbitration Succeeds.”
He is also a print and air unbiased expert without bias or conflicts of interest who can communicate, inform, entertain, and enlighten in a clear manner.
Young is fully media experienced, print and air and has been a guest on CNN, CNBC, Mutual, Fox Radio Network, NPR, and many national and local broadcast outlets (radio and TV); profiled in print, including the Christian Science Monitor, Tribune Media Services, Creator’s Syndicate, and many other national and local print media. He was the editor of a money webzine for years and contributor to three books including "Everything You Wanted to Know About Investing." (Sample list above only).
He is available for interviews, guest appearances and news spots 24/7. For circulation and ratings growth, for public service, for timely and useful news that people can use today for All Money Matters call Paul directly @ 1-800-222-4724.