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HomeARS Update April 2013: The Nightmare Continues
Posted by Larry Doyle on April 25th, 2013 8:43 AM |
Five plus years after the meltdown of the largest fraud ever perpetrated on Wall Street, and the nightmare that defines the world of auction-rate securities goes on.
While Wall Street, Washington, and the media would very much like to leave the pain encompassing the ARS market largely in the rear view mirror, for many individuals who still hold on to the hope that they may ultimately get repaid in full from these widely distributed “cash-surrogate” instruments, the pain and anxiety remain front and center.
I continue to hear regularly from many individual ARS holders.
Not that anybody needs further reason to know that individual investors on Wall Street are at an enormous disadvantage in the face of captured and corrupted regulators and institutions that possess more information, but a recent piece of data I unearthed while working on my upcoming book (think I might be able to get Mary Schapiro to come to a book signing and autograph some copies!!??) speaks volumes to this point. (more…)
Jon Corzine: “What Balls”
Posted by Larry Doyle on April 24th, 2013 9:39 AM |
Better to keep one’s mouth shut and be thought a fool, than to open it and remove all doubt.
When you are in a hole, stop digging.
I am not sure which of the above quotes might be more applicable to one of Wall Street’s greatest pariahs but this individual may want to look for better counsel.
To whom do I refer? None other than former master of the universe Jon Corzine, now more widely acclaimed for destroying a firm in one fell swoop than any of his prior exploits at Goldman Sachs, Capitol Hill, or the New Jersey statehouse.
I could only shake my head in utter disgust this morning upon reading the following: (more…)
S&P Ratings: ‘You Didn’t Believe Us, Did You?’
Posted by Larry Doyle on April 23rd, 2013 7:37 AM |
What are the most important issues you face?
I imagine most would think that physical, mental, and emotional well being would rank highest on your list.
Imagine, then, the individuals to whom you went for independent and objective advice on these very personal issues were to inform you that their insights were, in fact, highly conflicted and that their proclamations and prescriptions were actually little more than “puff.” You would probably be more than a little pissed off.
What about your financial well being? (more…)
China Hits US Hard in Vulnerable Spot
Posted by Larry Doyle on April 22nd, 2013 8:38 AM |
If you were in serious debt and your largest creditor offered an opinion on how you managed your affairs, do you think you might listen?
Well, if we care to see the political gamesmanship involved in a relationship between debtor and creditor played out on the world’s largest stage, let’s navigate and take a look as to what The People’s Republic of China has to say to our leaders in Washington.
I thank the regular reader who brought this story to my attention. In what can only be compared to a cold, hard slap of reality, the Associated Press reports: (more…)
California Dreamin’ … Now a Pension Nightmare
Posted by Larry Doyle on April 22nd, 2013 8:01 AM |
“California’s the place you gotta be . . . swimmin’ pools . . . movie stars…”
The hillbillies profiled in a favorite show from my youth presented plenty of comic material. Regrettably, there is now little that is funny about the state of California’s fiscal quandary or that of many other states that have allowed — if not promoted — the rackets run in and throughout the state, cities, and towns to crush the dreams of hard working taxpayers saddled with enormous burdens.
While California may have the largest problem (it is not even close), current research exposes the worst states in terms of funding their pensions: Connecticut, Illinois, Kentucky, and Rhode Island.
What states are actually displaying a high degree of fiscal propriety in terms of funding their pensions? (more…)
Terrorism in Boston
Posted by Larry Doyle on April 19th, 2013 7:54 AM |
Boston, Irish, America, Notre Dame….STRONG!!!
With the scene in and around Boston remaining very fluid, let me first offer my concern for the residents of the entire area there. Stay safe.
We certainly did not need a situation such as this to make us realize that we are living in a very dangerous time. I hope that the one individual currently being hunted down is found quickly and that no more harm occurs to anybody in that process. Beyond that, I hope that we can quickly learn all of what lies behind these individuals and this situation including: (more…)
Insider Trading in Washington: Here We Go Again
Posted by Larry Doyle on April 18th, 2013 7:10 AM |
If transparency is the great disinfectant, then the stench emanating from Washington not only remains strong but just got a whole lot stronger. How so?
Recall that the STOCK Act, that is the legislation passed a year ago to outlaw insider trading in Washington, only came into being after a 60 Minutes expose embarrassed Congress to address this racket. Prior to that the legislation sat bottled up in committee for many years.
Well, if you had any real confidence that the STOCK Act would really clean out the insider trading stables in Washington, think again. With both old holes and recent new holes in this smelly piece of legislation, this act should be renamed the Molded Swiss Cheese Act. Thanks to the regular reader who brought this stench to my attention. Let’s navigate. (more…)
Please Pray for Martin Richard and Family
Posted by Larry Doyle on April 17th, 2013 8:27 AM |
There remain no shortage of topics to address along the economic landscape but I beg your indulgence today.
There is nothing I might share here that could possibly be more meaningful than to use this forum to honor the request of Bill Richard, who lost his son Martin this past Monday at the Boston Marathon.
As if the loss of an 8-year old son is not enough for one man and family to bear, the Richard family’s young daughter Jane and mother Denise also suffered very serious injuries.
Bill Richard released the following message:
“My dear son Martin has died from injuries sustained in the attack on Boston. My wife and daughter are both recovering from serious injuries.
“We thank our family and friends, those we know and those we have never met, for their thoughts and prayers. I ask that you continue to pray for my family as we remember Martin.” (more…)
Patriots Day in Boston: Oh the Memories
Posted by Larry Doyle on April 16th, 2013 8:07 AM |
“Go get your brother.”
I fondly recall that statement from my Dad at 9am or thereabouts on Patriot’s Day circa 1971.
The adrenaline rushed through my body as I jumped on my bike for the mile ride to “the field” to get my brother so we could head into Fenway Park for the traditional Patriot’s Day 11am ballgame. I recall that our Red Sox were playing the Cleveland Indians that beautiful day.
I also remember wondering why my brother had to head to “the field” that morning, as time would be precious to get into Fenway and get tickets. (more…)
Obamacare: 12 “Scary” Assessments
Posted by Larry Doyle on April 15th, 2013 9:32 AM |
How is Obamacare treating you so far?
Are you experiencing any of the maladies highlighted in a recent review by Investor Business Daily that projects that Obamascare will lead to the following:
1. Boost insurance costs.
2. Push millions off employer coverage: In February, the Congressional Budget Office said that 7 million will likely lose their employer coverage thanks to ObamaCare — nearly twice its previous estimate. That number could be as high as 20 million, the CBO says.
3.Cause premiums to skyrocket: (more…)
