Sense on Cents

I highlighted back in mid-January the need to Let’s Really Question Ms. Schapiro.  Now the chair of the SEC, Ms. Schapiro headed Finra and saw cases filed and fines collected decline by an estimated 35%.  I was trying to make the case that Ms. Schapiro was nothing more than a warden growing vegetables in the same garden as the prisoners, given that Finra invested in hedge funds, fund of funds, private equity, and Auction Rate Preferred Securities.  These ARPS were a scam perpetrated by Wall Street on clients. The bonds were marketed as cash surrogates with regularly scheduled auctions. When the auctions “failed,” the clients were left holding the bag in the form of the long term securities that ARPS truly are. OUCH!!

There are numerous individual customers still stuck with ARPS. I have spoken with an individual in my hometown, trying to help him publicize his case so that he can be made whole by a major bank that sold him the bonds.  

In doing some reading and reviewing today, I was thrilled to see in Market Watch a piece written by Cody Willard, Mary Schapiro: Either a Tool or a Leader of the Illuminati Be – And She Needs to Be Fired in Disgrace. 

I have a call into Mr. Willard to shed some more light on Finra. It seems as if he and I would both like to see Ms. Schapiro and Finra investigated. I am still very interested in knowing what happened to those ARPS and the other investments. Perhaps more people in the investing community would like to know as well. If you know of anybody who owns or did own ARPS, please forward them this article in an attempt to pressure the banks and brokers that still have not made their clients whole. 

LD

This entry was posted on Wednesday, March 4th, 2009 at 6:40 PM and is filed under American Consumers, Business, Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.