Phil Cannella has been saying for years that the titans of Wall Street don’t give a hoot whether their investors make money or lose money. At the end of the day, it is their own pocket book that matters the most to them. He makes a point that it is a sad commentary on the state of the financial services industry that so many lack any sort of fiduciary duty.
Perhaps more to the point is that hedge fund managers and large Wall Street banks just don’t act in the best interests of the consumer at large. A case in point is the recent story of Martin Shkreli, a former hedge fund manager, who bought the rights to a pharmaceutical drug and promptly jacked up the price 5000%.
“Specialists in infectious disease are protesting a gigantic overnight increase in the price of a 62-year-old drug that is the standard of care for treating a life-threatening parasitic infection. The drug, called Daraprim, was acquired in August by Turing Pharmaceuticals, a start-up run by a former hedge fund manager. Turing immediately raised the price to $750 a tablet from $13.50, bringing the annual cost of treatment for some patients to hundreds of thousands of dollars.” – New York Times
Phil Cannella points out that here is a 32 year old former hedge fund manager who didn’t think twice about the lives he was hurting. This is the type of greed that is common on Wall Street and is why so many investors and retirees see small gains in their portfolios while Wall Street giants see profits of billions of dollars.
In sharp contrast to this stands Phil Cannella, an industry icon who works relentlessly to help seniors through his exclusive Crash Proof Retirement System to protect their assets and get the growth they seek from their assets.