Comments on: An Auction-Rate Pig by Any Other Name is Still a Pig http://www.senseoncents.com/2009/06/an-auction-rate-pig-by-any-other-name-is-still-a-pig/ Navigating the Economic Landscape Thu, 18 Mar 2010 11:29:21 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: EddieD http://www.senseoncents.com/2009/06/an-auction-rate-pig-by-any-other-name-is-still-a-pig/comment-page-1/#comment-2585 EddieD Sat, 20 Jun 2009 11:19:21 +0000 http://www.senseoncents.com/?p=6519#comment-2585 Fool me once it's your fault fool me twice it's mine. I'm sure it wasn't hard for Mary Schapiro to give this product a thumbs up. With all her experience dealing with auction rate securities at FINRA how could she not approve this product for Wall Street? Maybe the owners of FINRA, her former bosses, advised her on this product. I wonder how much of this product FINRA will buy? Also seeing the word "promise" associated with any financial product is a big red flag. After you stop laughing get it in writing. Fool me once it’s your fault fool me twice it’s mine. I’m sure it wasn’t hard for Mary Schapiro to give this product a thumbs up. With all her experience dealing with auction rate securities at FINRA how could she not approve this product for Wall Street? Maybe the owners of FINRA, her former bosses, advised her on this product. I wonder how much of this product FINRA will buy? Also seeing the word “promise” associated with any financial product is a big red flag. After you stop laughing get it in writing.

]]> By: TeakWoodKite http://www.senseoncents.com/2009/06/an-auction-rate-pig-by-any-other-name-is-still-a-pig/comment-page-1/#comment-2566 TeakWoodKite Fri, 19 Jun 2009 18:26:07 +0000 http://www.senseoncents.com/?p=6519#comment-2566 Thank you Larry. So how does an approval process work at the SEC? As Kathy point out there is a billion waiting in line ahead of this offering. Hows that work? A little tune for your post :) <a href="http://www.youtube.com/watch?v=BKggq6EsqIU" rel="nofollow">Piggies</a> Thank you Larry.
So how does an approval process work at the SEC? As Kathy point out there is a billion waiting in line ahead of this offering. Hows that work?

A little tune for your post :)

Piggies

]]> By: Kathy http://www.senseoncents.com/2009/06/an-auction-rate-pig-by-any-other-name-is-still-a-pig/comment-page-1/#comment-2564 Kathy Fri, 19 Jun 2009 17:01:41 +0000 http://www.senseoncents.com/?p=6519#comment-2564 Thanks for covering this so well, Larry! It astonishes me that Wall Street would have the nerve to so quickly repackage a security that left $330 BILLION frozen just 16 months ago. They might at least have the grace to pay back the $100 billion still frozen before starting the scam again. Wall Street can't heal the catastrophic loss of trust caused by auction-rate securities fraud (and yes, it was found to be fraud) when they repeat their behavior. Or maybe they don't really care, as long as they can sell the same scam to someone new. Thanks for covering this so well, Larry! It astonishes me that Wall Street would have the nerve to so quickly repackage a security that left $330 BILLION frozen just 16 months ago.

They might at least have the grace to pay back the $100 billion still frozen before starting the scam again.

Wall Street can’t heal the catastrophic loss of trust caused by auction-rate securities fraud (and yes, it was found to be fraud) when they repeat their behavior. Or maybe they don’t really care, as long as they can sell the same scam to someone new.

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