About now, new CEO Gorman is probably learning that the meager profits of a retail brokerage can't pay for all those monster Wall Street bonuses.
Most Indonesians accept the principle that nobody will invest capital unless they expect a return, says Nick Cashmere of CLSA, a brokerage.
Yet brokerage executives defended the gains, saying they were more than just an accounting gimmick.
With Banks and brokerage firms forced to conserve cash, there is less capital available to support trading.
Mr Madoff acted as custodian of assets that were placed with him and had no external administrator because he ran a brokerage, rather than a formal hedge fund, several investors say.
But search those shopping bags for important account statements and stock certificates, which should be held at brokerage firms.
Investors have been crying foul, and so they should. Customer accounts are supposed to be kept strictly segregated from a brokerage firm's money.
Most are unlisted on a major exchange, typically trading on the OTC Bulletin Board, where brokerage costs can be high.
The firm is in a strong position in retail brokerage.
Tullett Prebon, a brokerage, is offering its staff the chance to relocate out of Britain, noting that many had expressed concern about the “increased uncertainty of the future tax regime”.
And it usually involved buying on margin – that is, borrowing money from the brokerage.
The brokerage firm that employed him changed hands more than once, but he continued to work out of the same office in Worcester.
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