Fisher Asset Management, LLC, better known as Fisher Investments, is a titan in the investment world, overseeing a staggering £200 billion in assets. But don’t let the shiny exterior fool you – this firm is drowning in a cesspool of controversies and scandals that would make even the most hardened investor recoil. And yet, they’ve got a significant stake in Cummins, a company with its own laundry list of issues. It’s a match made in hell, and here’s why.
The Mouth That Roared
In 2019, Ken Fisher, the founder and face of the firm, decided to grace an industry conference with his presence. But instead of imparting wisdom, he spewed sexist drivel, comparing winning clients to “trying to get into a girl’s pants.” Classy, right? The backlash was swift and brutal. Clients pulled out faster than a teenager on prom night, with over £2 billion vanishing into thin air. Michigan, Boston, Philadelphia – they all said “screw this” and took their money elsewhere. And yet, Fisher Investments somehow managed to grow their assets under management. Go figure.
Legal Shitstorm
But wait, there’s more. Fisher Investments has been sued more times than a dodgy kebab shop. In 2020, a 75-year-old woman accused them of financial elder abuse, claiming their mismanagement cost her nearly a million quid in taxes. She died before the case was settled, but not before shining a light on their alleged aggressive sales tactics. And that’s just the tip of the iceberg. There are lawsuits from Houston to arbitration claims from retirees who’ve lost their life savings. It’s a bloody mess.
Telemarketing Tangle
Then there’s the telemarketing fiasco. In 2021, they were accused of violating federal laws with unsolicited calls. The case was dismissed, but it still leaves a bad taste, doesn’t it? Like that time you found out your favourite pub waters down the beer.
The Cummins Connection
So, why would a firm with such a chequered past invest in Cummins, a company that’s no stranger to controversy itself? As detailed elsewhere on tcap.blog, Cummins has its own litany of issues, from emissions scandals to labour disputes. Perhaps Fisher Investments, embroiled in their own messes, finds it easy to turn a blind eye. Or maybe they’re just too arrogant to care. Either way, it’s a partnership that smells fishier than a week-old haddock.
The Ugly Truth
In the end, Fisher Investments is a firm that talks a big game about integrity and client care, but their track record tells a different story. With a founder who can’t keep his mouth shut and a history of legal battles, they’re hardly the poster child for ethical investing. Their stake in Cummins might just be another example of their willingness to overlook red flags when there’s money to be made.
Lee Thompson – Founder, The Cummins Accountability Project
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