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HomeE*Trade: “E”xemplary or “E”gregious??
Posted by Larry Doyle on July 16th, 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!!!
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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
Oppenheimer: Do the Right Thing, Redeem Your Auction-Rate Securities
Posted by Larry Doyle on June 30th, 2010 5:14 PM |
Q: Which full-service brokerage firm has NOT redeemed their clients stuck in auction-rate securities for the past 28 months?
Goldman Sachs, Morgan Stanley, Citigroup, Wachovia, Bank of America, Oppenheimer, TD Ameritrade, Fidelity, Merrill Lynch, UBS?
A: Oppenheimer & Company is the only one of these institutions that has not redeemed their private clients’ Auction-Rate Securities that were fraudulently marketed as “just like cash.”
OPPENHEIMER: DO THE RIGHT THING!!!
Q: Which full-service brokerage firm has NOT redeemed their clients stuck in auction-rate securities for the past 28 months?
Goldman Sachs, Morgan Stanley, Citigroup, Wachovia, Bank of America, Oppenheimer, TD Ameritrade, Fidelity, Merrill Lynch, UBS?
A: Oppenheimer & Company is the only one of these institutions that has not redeemed their private clients’ Auction-Rate Securities that were fraudulently marketed as “just like cash.”
OPPENHEIMER: DO THE RIGHT THING!!!
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 Oppenheimer clients.
LD
ARS Fight Continues: Another Round with Oppenheimer
Posted by Larry Doyle on June 18th, 2010 11:06 AM |
The fight for justice for auction-rate securities investors has many rounds yet to go. I remain determined to fight, cover this story, and highlight the ongoing fraud and injustice perpetrated on ARS investors everywhere until the last punch has been thrown. On that note, let’s get ready to rumble!
I received a recent message from an individual in Florida. The fact that the financial fraud in this specific case and the ARS market in totality remain largely unknown to the American public is an indictment of Wall Street, the financial industry at large, our financial regulators, the broad financial media, Congress, and ultimately our nation. Let’s strap it back on, and go after those individuals and institutions in our country who have failed to protect our brothers and sisters who were defrauded in the distribution of ARS. (more…)
FINRA Investigates Thomas Weisel for ‘Stuffing’ ARS; Will SEC Investigate FINRA for Same?
Posted by Larry Doyle on May 18th, 2010 3:21 PM |
More evidence of the fraud surrounding auction-rate securities is exposed this morning in a story highlighting how Thomas Weisel Partners ‘stuffed’ $15.7 million of auction-rate securities into client accounts in order to raise cash to pay bonuses. The Wall Street Journal reports, Weisel Accused of ‘Stuffing’ Auction-Rate Securities:
Finance industry regulators have charged Thomas Weisel Partners and one of its former executives with improperly “stuffing” $15.7 million of auction-rate securities into client accounts in order to raise cash to pay bonuses. (more…)
Has Oppenheimer Already Violated Its Auction-Rate Settlement with NY AG Cuomo?
Posted by Larry Doyle on March 29th, 2010 1:08 PM |
Is the great lie and fraud encompassing the auction-rate securities fiasco continuing even into the settlement process? Information, or the lack thereof, indicates it is. In the process, the injustice served cold to the thousands of ARS investors, especially those who purchased these so-called ‘cash’ instruments from Oppenheimer Holdings, continues.
Wall Street, Washington, and the bulk of the financial media (exceptions being author Phil Trupp, Bloomberg’s Susan Antilla, and the Washington Examiner’s Marta Mossburg) would prefer to keep the ARS fraud and fiasco neatly under the rug. I have no interest in allowing the fraudulent ARS perpetrators and their financial regulators any degree of comfort in this mess. (more…)
Another Oppenheimer ARS Investor Unloads on New York AG Cuomo
Posted by Larry Doyle on March 8th, 2010 8:12 AM |
Investors defrauded in the distribution of auction-rate securities deserve a voice. Sense on Cents is happy to provide it. Aside from feeling screwed by Wall Street banks and money managers in the distribution of auction-rate securities as a cash surrogate, investors now feel increasingly incensed by the lack of support in the judicial system and in selected attorneys general offices in our country.
The latest AG to feel the wrath of ARS investors is New York AG Andrew Cuomo for his recent settlement with Oppenheimer Holdings. Rather than reading my opinion of Cuomo’s settlement, let’s listen to an investor (who remains nameless for obvious reasons). In my opinion, this individual’s letter speaks volumes and echoes the sentiments of thousands of investors who continue to hold the $150 BILLION in frozen ARS. (more…)
Did Hawaii Purchase ARS from FINRA through Citi?
Posted by Larry Doyle on March 4th, 2010 7:29 AM |
The auction-rate securities market did not instantaneously freeze in early 2008. The fact is, the ARS market started to fail in mid-2007 on the heels of a variety of market segments repricing given the liquidity issues on Wall Street. Recall that mortgage hedge funds at Bear Stearns cratered in spring 2007. At that point, Wall Street was becoming much more risk averse while shepherding the use of its own capital and balance sheets. During this point in time, the ARS market started to fail and ultimately totally froze in early 2008.
Evidence is rampant that Wall Street worked feverishly from mid-2007 until early 2008 to offload auction-rate securities anywhere and everywhere without informing investors of the failing nature of the market. (more…)
Oppenheimer ARS Investor Rails on NY AG Cuomo re: OPCO-ARS Settlement
Posted by Larry Doyle on March 3rd, 2010 5:15 PM |
How often do politicians declare victory while innocent victims remain baffled, bewildered, and befuddled as they hang onto the pangs of defeat? How often do politicians look to score political points while not delivering real progress let alone justice for those victimized by fraud? Regrettably, this dynamic plays out all too often.
I witness it in a letter sent today by an innocent investor victimized by the fraudulent distribution of auction-rate securities by Oppenheimer Holdings. This investor who remains nameless for obvious reasons shares his pain and anguish in a letter sent to New York Attorney General Andrew Cuomo’s office.
Feel his pain and know that Cuomo’s settlement and victory lap are not even a drop in the bucket of the remaining $150 billion frozen ARS market. Two years have passed since the ARS market froze. For many investors, their lives and well beings froze right along with it.
Who within our political circles, our financial regulatory framework, our media are truly willing to stand up for all these victims? (more…)
Walt Garrison Lassoed by Auction-Rate Securities
Posted by Larry Doyle on January 30th, 2010 3:06 PM |
Growing up as a young boy in Boston, I loved sports of all kinds. Regrettably, our local professional football team, the then Boston Patriots, were a perennial league doormat in the American Football League.
What team did I love? The Green Bay Packers. Led by Vince Lombardi, the Packers played on the frozen tundra otherwise known as Lambeau Field. The memories of the 1967 NFL Championship game, known as the Ice Bowl due to bone chilling negative temperatures, between my Packers and the hated Dallas Cowboys remain etched in my memory.
The Packers won the game 21-17 on a quarterback sneak by my hero Bart Starr with only seconds left in the game. This game was filled with so many legends, including Cowboys coach Tom Landry, quarterback Don Meredith, defensive tackle Jethro Pugh, middle linebacker Lee Roy Jordan, running back Dan Reeves and so many more. My Packers had Starr, middle linebacker Ray Nitschke, guard Jerry Kramer, receiver Boyd Dowler, running back Donny Anderson, safety Willie Wood, and so many more. I loved these guys and loved that game.
On the bench that day as a backup fullback for the Cowboys was Walt Garrison. I have no recollection of Garrison playing during that Ice Bowl, but he went on to a stellar career. When I think back to Walt Garrison, I think of one thing: he was one tough SOB. After his football days, Garrison was a popular figure on the rodeo circuit and became a spokesperson for Skoal chewing tobacco.
I will readily admit for the last thirty plus years, I have given little thought to Walt Garrison…until today. (more…)
