Mutual Admiration

From Edward Jones "Core Principles" blah blah:

"And we don't believe in pushing investments just because they're trendy or someone says they're hot. We're committed to looking out for your best interests and helping you develop a plan that makes sense for your specific goals."

From AP, August 31, 2006:

ST. LOUIS (AP) -- Edward D. Jones & Co. has signed a tentative $127 million settlement in nine class action lawsuits for questionable revenue-sharing and sales practices from 2004, the brokerage firm announced Thursday.
The St. Louis-based company is still awaiting a U.S. District Court judge's approval on the settlement. It would return $55 million in cash to customers and cover legal fees. It would also provide $72.5 million in non-cash vouchers to current clients over three years.
In December 2004, the Securities and Exchange Commission finished its investigation of the brokerage firm and found that the company created a conflict of interest by failing to disclose to its customers a revenue-sharing deal with mutual-fund companies.
Soon after, in a separate settlement, then-U.S. Attorney James Martin announced a $75 million deal with Edward Jones to avoid criminal charges from the Justice Department.
That money is expected to be distributed in September to Edward Jones customers in a Fair Fund, separate from the class action settlement.
"We believe the 2004 settlement agreement with regulators addressed all the relevant concerns regarding this issue," Edward Jones managing partner James Weddle said in a statement. "However, because we do not believe our clients, our associates or our firm would benefit from a prolonged legal battle we've decided to settle the class actions suits."
Edward Jones did not admit to wrongdoing and has since agreed to disclose and tell customers about revenue-sharing agreements on its Web site.
Edward Jones had revenue-sharing deals with seven mutual-fund companies that were in question; including Goldman Sachs, Federated, American, Putnam, Van Kampen, Lord Abbott and Hartford.
In exchange, Edward Jones designed those mutual funds as Preferred Fund Families with special benefits given to those companies.
Brokers were encouraged to sell those mutual funds to customers, the SEC claimed.