GlobalTec Article... GREAT READING!!!!

Discussion in 'Educational Resources' started by TraderJoess, Feb 10, 2006.

  1. Full article can be found here....

    Wize Guys'

    Here's your chance to get rich quick -- or lose your shirt, in which case, GlobalTec disavows all responsibility for, well, anything
    By Craig Malisow

    GlobalTec doesn't want you to read this, so you probably should.
    The Dallas company peddles investment software on infomercials, luring naive customers to seminars in hotel rooms throughout the country, where evangelistic salespeople preach the gospel of get-rich-quick.

    GlobalTec's flagship software, Wizetrade, purports to make users rich by telling them when to buy or sell a given stock. This is done through red and green lights. If you can understand a traffic light, where you have to deal with three colors, Wizetrade is supposed to be a cinch. The company also runs a radio talk show and Traders Television Network, a satellite TV channel where GlobalTec instructors talk about the products.

    GlobalTec's legal threats started immediately after the Houston Press asked the most basic questions, and after reading this story, you'll understand why. But if you want to heed GlobalTec, here are some dos and don'ts the company would like you to follow:

    Do: Pay $3,000 for software that purports to get you rich through trading in the stock market.

    Don't: Read the fine print in the contract, which says the software doesn't come with instructions or training. And when you do finally receive the instructions or training, you automatically forfeit the right to a refund.

    Do: Believe that GlobalTec's brain trust has securities expertise that makes Warren Buffett look like a drooling baboon.

    Don't: Try to verify the brain trust's credentials.

    Do: Pour thousands into additional books, DVDs and seminars that tell you how to make even more money off the magic lamp you already spent $3,000 on.

    Don't: Read this story, because this is where you'll find out what GlobalTec is really about.

    If you overlook the fundamental flaw, the infomercial is brilliant.