Sal the Stockbroker's sleazy 'boiler room' work history

Discussion in 'The Howard Stern Show' started by SchwoogieBuzzer, Sep 15, 2014.

  1. SchwoogieBuzzer

    SchwoogieBuzzer Well-Known Member

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    I rented 'The Wolf of Wall Street' this weekend and wondered if Sal the Stockbroker was involved in any of those kind of stock manipulation scandals. I always figured his stockbroker job was something like the movie 'Boiler Room': eight hours a day of cold calls, etc. Here's what The Smoking Gun discovered about Sal:

    http://www.thesmokinggun.com/documents/crime/sal-shlockbroker-0
     
  2. NiggalissCage

    NiggalissCage Well-Known Member

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    From March 1, 1999

    Some people as so far behind they actually think they are winning.
     
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  3. reno

    reno VIP Extreme Gold

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    Sal and Richard were fun and funny until Howard neutered them in the name of being PC.
     
  4. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    You can't tell Sal is a swindler from listening to the show?

    He's funny, but he's not someone I'd hand my money over to watch for me.
     
  5. Scotty4x4

    Scotty4x4 Light It Up Blue!! Staff Member

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    I'm sure Sal has been involved with at least a few scams that took away money from a family that didn't have the money to spare.....

     
  6. Scotty4x4

    Scotty4x4 Light It Up Blue!! Staff Member

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    If you follow the money trail on this one, I bet Sal's hands are dirty here too :

    [​IMG]
     
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  7. cia212

    cia212 Well-Known Member VIP

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    Guys I know involved in the heavy sell WoWS tactics are rich. Sal was an average broker with very average salesmanship, he was probably doing okay selling mutual funds but he was never high up enough for any illegal shenanigans.
     
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  8. Omen

    Omen Well-Known Member

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    Not sure what that has to do with him being a swindler?
     
  9. icypussy

    icypussy clit finder Gold

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    Say what you will about Sal, I think he is funny as fuck and has provided me with tons of laughs and entertainment.
     
  10. GIRLY

    GIRLY OV

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    The lighting of the Teeth
     
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  11. Ack Ack

    Ack Ack Active Member

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    Yes, Sal is a criminal. He knowingly sold stocks that he knew had a 0% chance of turning a profit. The only people who profited was himself and the firm. After Stratton (the subject firm in Wolf of Wall Street) was closed down, all the big producing brokers from Stratton scurried off like cockroaches and started their own boiler room "firms" using the same tactics and pitching worthless stocks that only resulted in profits for the principals (typical pump and dump scams). They called themselves stockbrokers but they really were just glorified telemarketers.
    Sal worked for Duke Securities which was one of those firms that started up when Stratton closed...was run by Victor Wang, I believe he was referred to as the "crazy chinaman" in the wolf of wall st.
    Maybe Sal didn't make millions but i'm sure he made in the $250,000-$500,000 range for a good few years, selling stocks he knew would go down to unwitting investors (coulda been any of us, our friends, or family members) and lying the whole time. So yes, that makes him a criminal in my mind
     
  12. TheWonk

    TheWonk POTY Music Forum Gold

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    I used to feel kinda bad for how much he got fucked with but I hate that monkey now.
     
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  13. fooxeer56

    fooxeer56 Active Member

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    But you understand that back then that stuff was legal? immoral sure but legal,when internet brokers arrive that put the end to that crooks business..
     
  14. aerostern

    aerostern Well-Known Member

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    I agree I love sal on the show :)

    Sal's mah faaaaaaaavorite!
     
  15. mattyfishrip197

    mattyfishrip197 Well-Known Member

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    mcconaughey.gif w=614.gif .
     
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  16. Ack Ack

    Ack Ack Active Member

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    I dont understand--it was legal to steal 20 years ago? What they did was 100% illegal, they just got away with it until they were eventually closed down. And it still goes on to this day, unreal but true
     
  17. LaserT

    LaserT You have to have fun. Gold

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    WALL STREET is, one big.....


    [​IMG]

    Only the rich get richer.
     
    Last edited: Sep 15, 2014
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  18. fooxeer56

    fooxeer56 Active Member

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    Back then those guys are just telemarketers as you said not traders, they don't know if the stocks going up or down.
    Sal don't understand charts or price behavior..
     
  19. Bosch76

    Bosch76 2016 Politics POTY Gold

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    No it wasn't legal. They had an interest in the stock and didn't let their Clients sell to make sure the members of the firms could cash out before the stock plumetted.
     
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  20. fooxeer56

    fooxeer56 Active Member

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    Are you talking about one specific company? i'm talking about the whole industry back then..

    There are some brokers today that trade against their clients is a very nasty business..