image
SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Madigan blamed for job loss

Thursday, Jan 9, 2014

* OK, I got a little chuckle out of a recent Investment News story. Who knows, maybe there’s something to it. I really doubt it, though.

The story goes that Vincent Romano was a broker at Morgan Stanley. He decided to run against Rep. Lou Lang as a Republican back in 2012. He was fired in May and Romano asked for damages

“[Morgan Stanley] feared a loss of business with the city of Chicago and the state of Illinois because [Morgan Stanley Smith Barney] has a relationship with House Speaker Michael Madigan, and Romano was running on a reform platform that could upset Michael Madigan’s political power,” Mr. Romano argued

Upset Madigan’s political power? Hardly. Romano spent less than $29K in the final quarter and was thoroughly thumped 68-32 by Lang.

* But this comment went into Romano’s permanent record

There were “concerns about [the] financial adviser running for elected political office, despite not having received prior firm approval for same, as required by firm policy,” the firm wrote on his U5, which is publicly available through the Financial Industry Regulatory Authority Inc.’s BrokerCheck database.

Romano claimed that he was initially given permission to run.

* And he won his case, but didn’t get nearly the $8 million he’d demanded

In the end, the arbitration panel awarded $475,000 in compensatory damages and $50,000 in punitive damages.

It also ordered that the language on Mr. Romano’s termination form be altered to read that he was fired because of “concerns about the financial adviser running for elected political office, despite not having received prior firm approval for same, due to a misunderstanding between the firm and the financial adviser. The terminated employee violated no investment-related statutes, regulations or rules.”

Mr. Romano said that he would have liked the award to have been more substantial, but he applauded the panel’s decision to award punitive damages, though he characterized the amount as a “slap on the wrist.”

Morgan Stanley said that it regretted the award and denied any wrongdoing, pointing to the arbitrators’ characterization of the disagreement as a “misunderstanding.”

By the way, Romano circulated petitions to run against Lang again this year, but was removed from the ballot on Tuesday.

According to the Investment News story, Romano is “working on a business venture in firearms manufacturing,” which probably wouldn’t go over too well with Skokie-area voters anyway.

[Hat tip: IR]

- Posted by Rich Miller        


18 Comments
  1. - train111 - Thursday, Jan 9, 14 @ 12:05 pm:

    Another suit coming because he got bounced from this year’s ballot??


  2. - Formerly Known As... - Thursday, Jan 9, 14 @ 12:12 pm:

    Dude got half a million???


  3. - Just Observing - Thursday, Jan 9, 14 @ 12:17 pm:

    Agreed that he was never a threat to Madigan’s power… but it does seem that Morgan Stanley believed that him running would be a perceived threat to the powers that be.


  4. - Rich Miller - Thursday, Jan 9, 14 @ 12:23 pm:

    ===it does seem that Morgan Stanley believed that him running would be a perceived threat===

    I don’t see that at all.


  5. - Been There - Thursday, Jan 9, 14 @ 12:24 pm:

    ===Mr. Romano said that he would have liked the award to have been more substantial===
    I would gladly have my boss fire me for a half a mil.


  6. - Louis G. Atsaves - Thursday, Jan 9, 14 @ 12:25 pm:

    Since when can employer’s forbid employees from running for public office? Where is that written in the Constitution?

    There is an underlying issue here as indicated by the language of the Arbitrator correcting Romano’s personnel file. Perhaps there ought to be a law about it.


  7. - CollegeStudent - Thursday, Jan 9, 14 @ 12:29 pm:

    =Since when can employer’s forbid employees from running for public office? Where is that written in the Constitution?=

    Nowhere, but remember you are applying for a job that would likely take away from the time and effort you put into your current job. Employers are certainly known to terminate employees for doing that.


  8. - Anonymous - Thursday, Jan 9, 14 @ 12:42 pm:

    === Since when can employer’s forbid employees from running for public office? Where is that written in the Constitution? ===

    Securities Broker dealers surely can limit what other forms of employment one of their representatives can engage in. If one of Morgan Stanley’s reps wanted to work at McDonalds to make ends meet, the rep needs the firm’s permission first. The issue here seems to be that there was a disagreement of some sort between the rep and the firm as to whether permission was granted.


  9. - Anonymous - Thursday, Jan 9, 14 @ 1:24 pm:

    The investment banks are very strict about any of their employee’s being involved in politics in any way after the “pay to play” regulations went into effect about a dozen years ago. I had a friend who had to get multiple levels of clearance within Morgan Stanley just to make a campaign contribution to a school board race. He couldn’t do it until he got it in writing. Romano was pretty reckless to run without having clearance in writing. I’m surprised he got any award.


  10. - MOON - Thursday, Jan 9, 14 @ 1:28 pm:

    I suppose Madigan is also responsible for the past weeks sub-zero weather, or for the Bears loss to the Packers !


  11. - Chicago Cynic - Thursday, Jan 9, 14 @ 1:49 pm:

    I’m amazed that he won this suit and a half mil to boot. Sure seemed like the guy was just an entitled jerk who figured it’s none of his employer’s business whether he runs for public office and spends five months of the year in Springfield. Geez.


  12. - Demoralized - Thursday, Jan 9, 14 @ 1:54 pm:

    ==Since when can employer’s forbid employees from running for public office?==

    If you are paid with federal funds you can’t.


  13. - Formerly Known As... - Thursday, Jan 9, 14 @ 1:54 pm:

    === I had a friend who had to get multiple levels of clearance within Morgan Stanley just to make a campaign contribution to a school board race. ===

    Is that just a Morgan thing?

    Because it seems a lot of investment bankers raise and donate a lot of coin every cycle. And it seems inefficient and unlikely all the Goldman guys are getting pre-approval for every donation they want to make and every fundraiser they want to hold every two years or so.


  14. - walker - Thursday, Jan 9, 14 @ 1:56 pm:

    Ridiculous award. Of course they can require this, and many other things, of their professional employees. Typical foolishness by an arbitrator, on the face of it.


  15. - Siriusly - Thursday, Jan 9, 14 @ 2:09 pm:

    Louis Atsaves - I know of many employers who have a policy of requiring prior approval before someone can seek public office. If your company has any ties to government at all - it make sense for the company to have a policy like that.

    You have a constitutional right to seek elected office. It doesn’t mean that your job should be protected if you violate company employment policy.


  16. - Mr. Big Trouble - Thursday, Jan 9, 14 @ 2:36 pm:

    I have been in the financial services industry, on the compliance side for over 20 years. The top tier firms are deathly afraid of conflicts on interest, perceived or real, and so make their registered reps go thru numerous iterations of approvals for outside activities, be it investments, political contributions and outside employment. Its standard faire in the industry. Its only been in the last 5-7 years or so that firms have really started to crack down, in light of FINRA and SEC reforms of the industry. I, for example, had to resign from the fire pension review board of a local municapality because my broker/dealer would no longer approve of me in that role.


  17. - Anonymous - Thursday, Jan 9, 14 @ 3:16 pm:

    === I suppose Madigan is also responsible …the Bears loss to the Packers !===

    No, that would be Chris Conte.


  18. - wordslinger - Thursday, Jan 9, 14 @ 3:34 pm:

    –No, that would be Chris Conte.–

    My sons finally trumped me on “Godfather” trivia during that game.

    Chris Conte is the grandson of Richard Conte, the actor who played “Don Barzini.”

    Both of them were in the wrong place at the end.


Sorry, comments for this post are now closed.


* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* Governor sets special election dates, but they are expected to change
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............

...............

...............

...............


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

          
        * T-Mobile helps the entire family stay connected with Pets Un-leashed
        * Xperia Z3, Xperia Z3 Compact and Xperia Z3 Tablet Compact now getting Android 5.0
        * Slacker Radio finally gets Chromecast support
        * More Android apps ready for Chrome OS, porting now open to everyone
        * Sports, music, TED now Chromecast compatible
        * New midrange Samsung handset makes an appearance in a user agent profile, could be the Galaxy J7
        * Sony Xperia Z phones getting Android 5.0 Lollipop very soon

        * Growing Number of Americans Rely on Cellphones as Sole Means of Internet Access
        * Frame Unusually Sized Art for Affordably with Custom Mats
        * These Clever USB Battery Packs Have Secret Identities
        * ​Confidently Filet Any Fish With This Animated GIF Tutorial
        * Re/actions: Bathroom Simulator Is a Really Crappy Video Game
        * Create Higher Protein Versions of Common Foods For More Diet Success
        * Twitter ads are coming to your profile

        * 'Athletic' Sale makes progress during simulated game
        * 'Athletic' Sale makes progress during simulated game
        * 2015 league leaders: Adam Eaton, runs
        * Abreu raises spring average to .519 with four hits in win
        * Rodon: Spring big for comfort level facing big leaguers
        * Shuck, Soto, Albers secure roster spots with White Sox
        * Abreu raises spring average to .519 with four hits in win

        ...............


        Main Menu
        Home
        Illinois
        YouTube
        Pundit rankings
        Obama
        Subscriber Content
        Durbin
        Burris
        Blagojevich Trial
        Advertising
        Updated Posts
        Polls

        Archives
        April 2015
        March 2015
        February 2015
        January 2015
        December 2014
        November 2014
        October 2014
        September 2014
        August 2014
        July 2014
        June 2014
        May 2014
        April 2014
        March 2014
        February 2014
        January 2014
        December 2013
        November 2013
        October 2013
        September 2013
        August 2013
        July 2013
        June 2013
        May 2013
        April 2013
        March 2013
        February 2013
        January 2013
        December 2012
        November 2012
        October 2012
        September 2012
        August 2012
        July 2012
        June 2012
        May 2012
        April 2012
        March 2012
        February 2012
        January 2012
        December 2011
        November 2011
        October 2011
        September 2011
        August 2011
        July 2011
        June 2011
        May 2011
        April 2011
        March 2011
        February 2011
        January 2011
        December 2010
        November 2010
        October 2010
        September 2010
        August 2010
        July 2010
        June 2010
        May 2010
        April 2010
        March 2010
        February 2010
        January 2010
        December 2009
        November 2009
        October 2009
        September 2009
        August 2009
        July 2009
        June 2009
        May 2009
        April 2009
        March 2009
        February 2009
        January 2009
        December 2008
        November 2008
        October 2008
        September 2008
        August 2008
        July 2008
        June 2008
        May 2008
        April 2008
        March 2008
        February 2008
        January 2008
        December 2007
        November 2007
        October 2007
        September 2007
        August 2007
        July 2007
        June 2007
        May 2007
        April 2007
        March 2007
        February 2007
        January 2007
        December 2006
        November 2006
        October 2006
        September 2006
        August 2006
        July 2006
        June 2006
        May 2006
        April 2006
        March 2006
        February 2006
        January 2006
        December 2005
        April 2005
        March 2005
        February 2005
        January 2005
        December 2004
        November 2004
        October 2004

        Blog*Spot Archives
        November 2005
        October 2005
        September 2005
        August 2005
        July 2005
        June 2005
        May 2005

        Syndication

        RSS Feed 2.0
        Comments RSS 2.0
        WordPress

        Loading


        * The Illinois Supreme Court’s Dissent Rate (Part.....
        * 'Body by Jake' founder bringing fitness campaig.....
        * U of Illinois pushes to finish budget-cuts plan..
        * U of I administrators push to finish budget plan..
        * Three run for SB mayor..
        * Emanuel and Garcia engage in final debate befor.....
        * UK brokers cautious ahead of general election..


        * Inmate overpowers guard, escapes from eastern Illinois jail
        * Trinity Test site opening to face protest from residents
        * 4 Joliet teens face child porn charges after posting video
        * Naked woman found dead in brush near Brooklyn strip clubs
        * Emanuel and Garcia engage in final debate before vote
        * Rauner schedules special election to replace Schock
        * Judge: Ernie Banks' will giving estate to caretaker is valid
        * Judge rules Ernie Banks will is valid
        * Duckworth: Clinton needs to meet with Benghazi committee
        * Union alleges CTA violates free-speech rights

        * Rauner schedules special election to replace Schock
        * Duckworth says Clinton must testify on Benghazi, criticizes Kirk for Iran letter
        * Q&A: What happens now that Aaron Schock is out of office?
        * State's school districts adapt to new cyberbullying law
        * Duckworth: Clinton must testify before Benghazi committee
        * Ex-deputy treasurer to fun for Duckworth's seat
        * Ex-deputy treasurer to run for Duckworth's seat
        * LIHEAP utility assistance fund for Sangamon County is empty
        * LaHood talks transportation issues as he kicks off congressional campaign
        * Duckworth to challenge Kirk for U.S. Senate seat

        * A gassy sea otter? That's a job for Walgreens
        * Coors Light ad campaign scrapped
        * Sears expects $2.5 billion from real estate moves
        * Is ComEd doing Exelon's bidding by trying to rewrite energy efficiency law?
        * Arkansas OKs religious-freedom law as Indiana backtracks


          * Netherlands king, queen plan visit to Chicago
          * Indiana woman sentenced to 20 years in prison for feticide
          * Convicted murderer escapes from Kankakee County jail
          * Chicago-area dog owners warned about spread of kennel cough
          * Man tries to lure 2 boys near school on West Side
          * Man, girl injured in pit bull attack in Lawndale
          * Police: 16-year-old dead after Englewood shooting, 6 others wounded across city
          * Car crashes through Libertyville home, injuring 2
          * Emanuel, Garcia spar over city finances in final debate
          * Suspect sought in sexual abuse of boy, 14, in Near North neighborhood


          * More people moved away from Illinois last year than any other state
          * Indiana pastor doesn’t want changes to 'religious freedom' law
          * Flamin' Hot Cheetos top some Chicago Public School vending machines
          * What to watch for in the final mayoral debate
          * Indiana Gov. Pence signs religious objections bill
          * How organizations brace for Illinois budget cuts
          * Unions and Garcia push for $15-an-hour minimum wage
          * The Chicago rabbit: The unofficial face of wildlife is right under your nose
          * Obamacare tax rules trip some immigrants
          * Former Rep. Aaron Schock's staff to face tough prosecutor


          * Our Opinion: Proctor, Higgins for Springfield's wards 5 and 7
          * Michael Gerson: The virtues of the smoke-filled room
          * Rauner schedules special election to replace Schock
          * Duckworth says Clinton must testify on Benghazi, criticizes Kirk for Iran letter
          * Q&A: What happens now that Aaron Schock is out of office?
          * State's school districts adapt to new cyberbullying law
          * Ex-deputy treasurer to fun for Duckworth's seat
          * Our Opinion: Redpath, Senor, McFarland for Springfield's wards 1, 2 and 4
          * Kathleen Parker: A leap of faith — into thin air
          * LIHEAP utility assistance fund for Sangamon County is empty


          * A wetter pattern ahead
          * UI Economist Fred Giertz 3/1/2015
          * MJ's Minute, April 1, 2015
          * Responsibility, race at forefront of District 95 debate
          * Sunny, sarm again; storms are likely later in the week
          * Sunny, warm again; storms are likely later in the week
          * Meg Makes: Be the star of your potluck with this cake
          * Younger Generation: Celebrating the achievements of young adults
          * Salute to veterans: Music helped save the day
          * My Amish Home: March saw mix of sunshine, dreariness


          * COD candidates spar over campaign disclosure filings
          * COD board's $66.52-a-person meal cost dwarfs other colleges'
          * Sears trying to get more value from mall properties
          * Girls Pint Out spreads 'gospel' of craft beer to women
          * Subpoenas seek College of DuPage records on Breuder, foundation board member

          * Daily Kos Elections Morning Digest: An old...
          * Kinzinger to IVCC students: Foreign policy...
          * Democrat introduces federal bill to crimin...
          * Republicans propose to freeze Pell grant f...
          * Duckworth begins attack on Kirk
          * Kinzinger addressed role of social media i...
          * Davis plans to keep Schock campaign donation
          * Duckworth criticizes Kirk over Medicare cuts
          * Krishnamoorthi plans, Noland considering b...
          * Duckworth’s bid for Kirk’s US Senate seat ...

          * Schumer-Durbin Rift Could Bring New Blood ......
          * First Read's Morning Clips...
          * DANA MILBANK: Chuck Schumer — the leader t......
          * Opinion: Schumer set to grab Senate gavel...
          * Dick Durbin- Chuck Schumer feud over whip ......

          * Daily Kos Elections Morning Digest: An old......
          * Duckworth criticizes Kirk over Medicare cuts...
          * Why the busted Iran deadline matters...
          * Emanuel and Garcia engage in final debate ......
          * Obstacles persist as talks on Iran’s nucle......

          * U.S.-Taiwan Relations Post-Elections
          * WTTW Forum raises discussion about Emanuel and WTTW's Ponce being neighbors
          * Opportunity Race: RPAC mailers back three for Godfrey trustee
          * Opportunity Race: RPAC postcards advocate for Dalla Riva
          * Stantis: Budget Bandaids
          * COD Democrat trustee candidate trashes Clean Slate, Tea Party supporters
          * The Editor Who Went to War
          * Rahm was not acting like a mayor whose handlers believe he has a double-digit lead.
          * “The Driver’s Side” – News From The Motorist’s Perspective
          * Overnight Parking Ban Ends, Street Sweeping Season Begins


          * IDHS Prescription Monitoring program helps control prescription drugs abuse in Illinois - Program has more than 26,000 registered users
          * Gov. Rauner File Writs of Special Election
          * Illinois Mayors to Celebrate National Service - April 7, 2015 Designated as “Mayors Day of Recognition”
          * Governor Rauner Takes Bill Action
          * Governor Announces Appointments B.R. Lane to lead Illinois Lottery; John Holden to continue leading Dept. of Aging




              Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller