Fox Business invites Tobin Smith and Peter Schiff to discuss allegations about Europac’s poor investment performance and subsequent media call outs regarding the subject. Schiff starts off by saying “…Europac is a brokerage firm and I am a stock broker… I don’t manage any money, there are no funds, there are no discretionary accounts”, trying to infer that clients invest on their own. Then when Tobin Smith points out that he must be providing advice to clients, Schiff contradicts himself by saying “pretty much anyone who followed anybody’s advice in 2008 lost money (sorry, this is already a most untrue statement – sophisticated investors like John Paulson made a boatload of money – this statement also proves Schiff did provide trading advice contrary to what he says in the beginning)… i positioned my clients in gold and this made money and they’re not giving me credit (direct contradiction to his opening statement about client accounts). So, which is it, Peter – did you advise your clients to trade in whatever are in their portfolios or not? So, when the accounts win, you are supposed to receive credit and when they lose, its just their own decision? Thanks, I think the retired old lady who lost her life savings of $1.1m at your firm will really be consoled by your statement. This clip includes specific examples of unsuspecting victims and the extent of their losses (warning: horror stories – not for the faint hearted). Tobin Smith also does a great job of exposing …
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