There are countless examples of how Wall Street is stacked against the everyday investor. Phil Cannella and Joann Small point these examples out every week on The Crash Proof Retirement Radio Show, heard on Talk Radio 1210 WPHT in Philadelphia, and Legends Radio 100.3 FM in West Palm Beach, as well as at their Crash Proof Retirement Educational Events.
One of the most egregious ways Wall Street burns investors is through their use of bankruptcy. When investors file for bankruptcy they suffer significant financial loss and take years, if not decades, to recover. However, as Phil Cannella explained at a recent Crash Proof Retirement Educational Event at Springfield Country Club in Springfield Delaware County, when Wall Street corporations file for bankruptcy, they often still end up profiting while their investors lose everything they worked for with no recourse. Phil Cannella used General Motors’ bankruptcy from 2009 as an example of this troubling practice on Wall Street:
“This is how bankruptcy works for Wall Street and not for you the everyday investor. General Motors one day woke up and decided to go into bankruptcy and fleece their investors. No warning. All the bond holders, who were told by their brokers they were safe, woke up penniless, as well as the mutual fund holders, stockholders, and preferred stockholders. Bankruptcy is for the investor, not the corporation.
Bankruptcy for the corporation is a restructuring opportunity. Two years after our federal government bailed out General Motors, they reported an $11 billion profit. They didn’t pay anyone back. They left all their bondholders and all the shareholders high and dry. Is that not legal fraud? Is that fair to the everyday investor who believed in that corporation? If a company comes out of bankruptcy with your money, and “we the people” bail them out and then they profit two years later $11 billion, do you think it’s fair not to make those people whole who had invested in that firm?
That’s accepted on Wall Street and it’s called bankruptcy. It’s been going on since 1880 and no one wants to really have you look at it the way it should be looked at. That’s Wall Street’s system; not your system.”
Phil Cannella and Joann Small are licensed professionals in the insurance industry, in which bankruptcy is not an option. That’s part of what makes The Exclusive Crash Proof Retirement System so reliable. If you’re looking to protect your hard earned nest egg in a system that provides guarantees and that won’t disappear overnight, simply call 800-722-9728 or visit https://www.crashproofretirement.com today, and register for a Crash Proof Retirement Educational Event near you.