Over the years, many industries have left Western New York, my home turf.
First, it was Buffalo which saw the famous steel mills close and move to other locales. Now, it’s Rochester as Eastman Kodak, one of the former great icons, teeters on bankruptcy.
As these things occur, young people move away as jobs become fewer and fewer. However, like the cavalry in a John Wayne movie, one industry has ridden to the rescue: the lawsuit profession.
OK, maybe not John Wayne, but would you believe Steven Baum?
Originally located in Buffalo, the law firm of Steven J. Baum has become the largest firm in New York and is now known as a “foreclosure mill” firm representing such banks as Citigroup, JP Morgan Chase, and Bank of America.
The firm, in a relatively new industry, attempts to foreclose on homeowners and evict them from their homes. Business is booming.
Apparently, they make no attempt to help people get mortgage modifications.
It seems their main objective is to create fear for the homeowner and always foreclose. With the housing market continuing to slide, one would think that a firm this busy would have a sign outside saying “Help Wanted.”
However, prospective applicants should keep in mind the Steven J. Baum firm just settled with the NY Attorney General after an investigation determined the firm “filed misleading mortgage assignments,” and is, according to Preet Bharara (U.S. Attorney for the Southern District of NY), guilty of “sloppy practices that could lead to someone mistakenly losing their home.”
Fine: $2 million. Job seekers, caveat emptor.
Rochester now appears to its own legal cavalry in the Robert J. Pearl Law Firm.
Apparently, in my opinion, the Pearl Law Firm has decided to wage war.
I think Pearl’s goal is to create the same type of fear in policy holders of the annuity industry that Baum does for homeowners. But instead of siding with the big companies, Pearl goes after companies such as Metropolitan Life, Nationwide, Prudential, Jackson National, and Allianz to name a few as the enemies of common folk.
Pearl asserts that firms’ annuities are “investments [that] were unsuitable for practically any non-institutional investor,” despite evidence that annuities are one of the best investment choices for non-professional investors.
Along with his 40-years of dedication in the financial services industry, Bill is the President and CEO of GPSforLife, has recently authored a highly successful book entitled 44th: A Presidential Conspiracy, publishes his dynamic monthly financial newsletter MacroProfit, and faithfully continues his third decade on the radio with It’s All About Money, which can be heard weekdays on Money Radio in Phoenix and in podcast form on his website (and on smartphone apps) published at billtatro.com weekdays at 5pm Eastern. Bill can be reached via email at firstname.lastname@example.org and on Twitter @tatroshow.