If the first three installments on Baird Financial Group didn’t leave you retching, then you’re either numb or one of their bloody sycophants. In part one, we gutted their smug Milwaukee facade, revealing the endless fee-gouging, supervisory lapses that let brokers run amok, ethical corners cut sharper than a butcher’s knife, and their cosy shareholder stake in Cummins – that emissions-cheating behemoth where integrity is just a buzzword for profit at any cost. Part two piled on the filth with hidden off-channel chats burying potential dodgy schemes, more rebate rip-offs, Reg BI violations shoving clients into pricier accounts, poaching wars that reek of backstabbing, and a near-disqualification that had them grovelling to stay in business. The third hammered home even more oversight rot, fee conflicts hitting charities and retirees, back-office blunders risking billions, and internal inequities like gender disparities under their “no-assholes” veneer. Hits kept coming, traffic exploding as folks woke up to these bastards’ game. But hold your nose, because part four digs deeper into the cesspit, unearthing scandals from before the financial crash and fresh exec betrayals that prove Baird’s ethical skidmark has evolved into a full-blown turd stinking up the underpants of finance. These wankers have been at it for decades, treating regulations like suggestions and clients like marks. Grounded in their own disclosures and court slaps, this exposes the pre-2009 rap sheet, more pirate raids, and a top exec named in a retiree-screwing lawsuit. Time to rage harder – these pricks aren’t reforming; they’re rotting from the core.
Pre-2009 Rot: The Fee-Gouging Origins That Set the Tone
Before the world economy tanked in 2008, Baird was already honing their greed craft, racking up fines that foreshadowed the supervisory shitshows we tore apart earlier. Take 2007, when NASD – FINRA’s predecessor – smacked them with a $425,000 fine for failing to dish out mutual fund breakpoint discounts. Eligible clients got stiffed on volume breaks, overpaying because Baird’s systems were as lax as a drunk’s grip. Censure followed, but bloody hell, this was no slip-up; it was the blueprint for the later rebate and waiver screw-ups that bled charities and pensioners dry. These arrogant cunts prioritised their billions over basic fairness, letting overcharges fester like an open wound. And it gets worse – that same year, another $850,000 hit for excessive markups on municipal bond trades. Fair pricing? Bollocks. Clients, including local governments relying on “safe” bonds, paid inflated costs because Baird couldn’t be arsed with proper procedures. Echoing the arbitrary equity commissions we exposed before, it’s clear their “trustworthy steward” act was a sham from the start, gouging the vulnerable while the empire grew. Outrageous, isn’t it? Fines treated as chump change, no admissions, just carry on fleecing.
Inflating Their Ego: Overstated Trade Volumes and Market Deception
Jump to 2008, and FINRA’s piling on with a $200,000 fine for overstating trading volumes in reports. Baird puffed up their numbers, misleading regulators and potentially investors about their market clout – all from sloppy data handling they should’ve fixed. This isn’t just admin cock-up; it’s the same misleading bollocks as the research conflicts and undisclosed kickbacks we ripped into previously. Imagine relying on a firm that fudges its own stats to look bigger, tougher, more reliable. Fucking hypocritical, especially for an “employee-owned” outfit preaching values while dodging transparency. It reeks of the dodgy mindset that lets them hold shares in Cummins, where cheating emissions tests was just business. Baird’s not just enabling that ecosystem; they’re part of it, with “alternative ideas on ethical behaviour” meaning whatever pads the wallet. Confirmed: they’re still shareholders in Cummins, propping up a company fined billions for poisoning the air, all while their own history screams similar contempt for rules. Why change when settlements are peanuts against $355 billion under management?
Pirate Raids Reloaded: The 2017 Wells Fargo Heist
Fast forward to 2017, and Baird’s back in the poaching trenches, this time getting sued by Wells Fargo for raiding their Wichita wealth management office. These bastards lured away a team of advisors, nicking clients and secrets in what Wells called a blatant “raid” – breach of contract, unfair competition, the works. The claim? A staggering $23 million in damages, settled privately after arbitration hammered Baird with over $21 million in compo and punitives. Bloody hell, this isn’t sharp elbows; it’s corporate piracy on steroids, gutting rivals like they did Gleacher back in 2015. Hypocrites to the core – suing Raymond James for similar crap while pulling the same stunts themselves. Clients caught in the crossfire, portfolios disrupted, all for Baird’s bonus-chasing expansion. It’s a pattern of vicious warfare, viewing people as loot and competitors as carcasses. Furious? You bet – these pricks budget for lawsuits like they’re line items, eroding any shred of trust in the process.
Exec Betrayal: Mary Ellen Stanek’s Retiree Rip-Off Scandal
Now for the gut-punch: digging into prominent figures uncovers fresh rot at the top. Mary Ellen Stanek – Baird Funds President, Co-CIO of their advisors, and a board bigwig – is named in a 2022 ongoing ERISA class action, Munt et al. v. WEC Energy Group Inc. Plaintiffs accuse her and other board members of fiduciary breaches in managing WEC’s retirement plan: excessive fees, crap investment options, potential self-dealing that cost employees millions in lost savings. Kids’ futures, old folks’ security – all allegedly shafted under Stanek’s watch. This “bond queen” touted in PR fluff is now defending against claims of putting greed over duty, tying right back to the gender disparities and exec favours we exposed before. Shocking, isn’t it? A star exec enabling the same fee-gouging Baird’s fined for repeatedly, but on retirees’ dime. It stinks of top-down hypocrisy, where leaders preach stewardship while the house burns. And link it to Cummins: yet another thread in that ecosystem’s web of “alternative ethics,” where screwing the little guy is standard ops. Stanek’s involvement exposes Baird’s rotten leadership – no wonder violations keep stacking.
The Unending Stench: Why Baird’s Empire is Built on Bullshit
The real kicker? Baird buries these in their disclosures like footnotes, hires consultants for show, and grinds on without real reckoning. Pre-2009 fines prove the skidmark’s ancient, the Wells raid shows ongoing thuggery, and Stanek’s suit screams executive complicity. Tied to Cummins shareholders, it’s all one filthy network where accountability’s optional, and outrage is ignored. Enough’s fucking enough – if this doesn’t boil your blood, check your pulse. Demand answers, yank your funds, spread the word. Baird’s not finance’s guardian; they’re its turd, stinking up the pants of the financial world, while the rest of us choke.
Lee Thompson – Founder, The Cummins Accountability Project