Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

E*Trade: “E”xemplary or “E”gregious??

Posted by Larry Doyle on July 16, 2010 8:42 PM |

QUESTION: What does the “E” in E*Trade Securities LLC really stand for?

ANSWER: Choice 1 or 2

1: Exemplary…….. If they announce how they will redeem their client’s funds still frozen after 30 months in Auction Rate Securities.

2: Egregious……… if they fail to rescind or redeem all of the Auction Rate Security purchases that some of their brokers fraudulently solicited in 2007, by failing to disclose the risks and potential lack of liquidity, and marketing them to be as safe as cash equivalents or money market funds.

As of now, E*Trade is in a race to the bottom amongst all of its peers in failing to even address the problem or work towards a solution. Does E*Trade have no integrity whatsoever? Come on E*Trade, do the right thing!!

MAKE YOUR ARS CUSTOMERS WHOLE!!!

*********************************************************

On behalf of auction-rate securities investors everywhere, I am happy to run this ad here at Sense on Cents. This specific ad was submitted by a group of E*Trade clients. – LD

  • Mike

    I will never use E-trade. Their commercial advertises a guy who gets into a position because he saw it on CNBC through his e-trade machine.

    Are you kidding me??

  • Jim

    Please don’t forget about Raymond James… they still haven’t made their customers whole either!

  • raccoon

    Problem is E*Trade has no integrity and likely never will have, they are shameless, and ruthless. Maybe these continued public “billboardings” will motivate them. Time will tell.
    Much thanks to LD, he is a hero to anyone who reads his blog.

  • Alex

    I think regulators are focusing on full service firms. E trade auction rate holders requested the products.

  • LD

    Oh yeah?? I think we have some readers here who have a dramatically different opinion.

  • John W

    Au contraire Sir Alex

    In late 2007 my so-called E*Trade Platinum team, DIRECTLY SOLICITED THEM (ARPS) to me, and I have the trade confirms marked “broker solicitation” marked clearly on them. E*TRADE even prided themselves on being the first broker to offer an Auction Rate Bond desk to its clients.

  • Alex

    I think it’s necessary to perform ARS “triage.” Regulators do not have the time nor the resources to get all ARS clients their money back. So they save what’s saveable. The full service firms – Ray James and Oppenheimer, they can win those fights. Bill Gross called ARS holders “Old Maids” because they got stuck with a lousy investment. E trade auction rate clients are Old Maids, per Bill Gross.

    • John W

      Alex:

      What do you mean>> I think it’s necessary to perform ARS “triage.” <<<<

      Are you inferring that if we are frozen at E*Trade we are just OOL Out of Luck? Or triage on a case by case basis? like E*Turd.

      I am not an Old Maid, just a 62 year old man who has college tuition to pay for his son, and medical bills for a spouse, and taxes, who was depending on my $50,000.00 to draw on in part.
      E*Trade should be ashamed, yet they have no shame nor integrity. Criminals in my book, no hint of repentance, and in denial for 31 months.

      The phrase "do the right thing" is not in their vocab.

      • liz

        John, did you ever get your money back? You and I spoke a long time ago and you were inspiring. If ever there was someone who deserved to get his money back and has put up a good fight against E*TRADE’s corrupt and fraudulent activities in selling these securities, it is you. I have not received a dime back from E*TRADE yet… It’s now 3+ years and counting…

  • Susie

    Raymond James sold me Nuveen muni ARPS instead of treasuries (which I suggested) and has stonewalled for 2 1/2 years. My broker keeps telling me Nuveen will redeem them… What do you think? Are regulators going after RJ? My kids’ college money is locked up – legal fees will eat up too much of it, secondary market is a huge hit.






Recent Posts


ECONOMIC ALL-STARS


Archives