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All Broker Phone Calls To Be Recorded?

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All Phone Calls With Brokers In The UK Now Recorded; Coming Soon To Europe and America

http://www.forbes.com/sites/marcwebertobias/2011/11/28/all-phone-calls-with-brokers-in-the-uk-now-recorded-coming-soon-to-europe-and-america/

 

Could this have stopped MFG meltdown? No

Martha Stewart? Maybe

 

Would love to hear thoughts on this as I spend 2 plus hours online and on the phone with my broker every day. Good idea? Bad idea?

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It is merely an extension of what already happens.

Now your broker cannot say - "call me on my mobile to discuss"

Instead they will say "call John Smiths mobile to discuss", or we will go back to secret spy drops.

Or if you are large enough set up accounts in Switzerland, Lichtenstein etc, use a trustee. Pay your taxes as consulting fees rather than trading profits. Buy a painting and say you found it in a garage sale, win at the casino, or just spend it when travelling using your trustee to do it all for you.

 

If you are going to be fraudulent, you can get away with it. If you want to be fraudulent and stupid or lazy then this increases your chances of getting caught.

While the minimum requirement is to keep the recordings for 6 months - why as a broker would you keep them for longer - they will only incriminate you.

The expression "lets go to the tape" (and not for sport) was basically over disputed trades - these are generally rectified pretty quickly these days and so brokers dont really want to keep such conversations

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