Comments on: NASD Knew Auction Rate Securities Weren’t Cash

By: John Wallace

John Wallace — Sun, 27 Dec 2009 20:45:09 +0000

E*Trade, you three steps below Pond Scum douche bags, redeem your auction rate victims, you criminals, and hucksters. No morality or ethics, responsibility to everyone you screwed notwithstanding, Redeem them now. You pitched this junk as cash, and then were openly hostile to many of your clients after the market crashed. You tried to intimidate us. Many rightly compare you to the Mafia.

By: Bill

Bill — Tue, 12 May 2009 02:49:04 +0000

FINRA or NASD obviously had owned ARS since at least 2003. Soooo, why did they all of a sudden unload in 2007, before the market began to tank? That’s the $330 BILLION question.

By: Bill

Bill — Tue, 12 May 2009 02:47:15 +0000

I’m stuck in auction rates, but I don’t think the taxpayers should bear the burden. I think it should be on the thieves that perpetrated the fraud, including apparently FINRA.

By: Matt

Matt — Mon, 11 May 2009 22:29:27 +0000

Oppenheimer is also currently being sued by the state of Oregon for misrepresenting their 529 plan for the state of Oregon – their “core bond fund”. Five other states are also investigating Oppenheimer currently for this. They represented this as a “conservative” bond fund, when they in fact invested it into toxic mortgage backed securities, and failed to disclose to investors that they had done that. The core bond fund lost 40% last year – pretty big loss for a “conservative” bond fund, and led to huge losses for 529 plan investors in Oregon and many other states.

By: Jerry Kile

Jerry Kile — Mon, 11 May 2009 21:01:04 +0000

Oppenheimer, redeem your auction rate victims, you criminals. Redeem them now. You pitched this junk as cash, and then were openly hostile to many of your clients after the market crashed. You tried to intimidate us. Many rightly compare you to the Mafia.

By: Mikaele

Mikaele — Mon, 11 May 2009 17:42:01 +0000

Was all this known by the big banks that settled. Curios about the snake oil being brought down from 250k to 25k.

By: EddieD

EddieD — Mon, 11 May 2009 15:25:48 +0000

We have seen how much damage companies that are too big to fail did to our country. What about regulatory agencies that are too big to be questioned or investigated? Are they too big to be accountable to the people they are supposed to be protecting? Are they above the law? Certainly the bankers that are on the FINRA board knew exactly what ARS were, they were selling them. Why are there contradictions in Perone’s statement about FINRA’s use of ARS. How long are they going to attempt to cover this up? Why was FINRA silent when it came to passing on this vital information to the public? If they had a little integrity and did their job they would have saved 146,000 investors from a robbery. Who were they protecting, not us?