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Posts Tagged ‘ARPS fraud’

Auction-Rate Securities: The Fraud Continues

Posted by Larry Doyle on May 3rd, 2010 10:57 AM |

To: Wall Street, Washington, and State Capitols

From: Sense on Cents

Re: Auction-Rate Securities Fraud and Financial Regulatory Reform

To all those enmeshed on both sides of the political-financial incest and currently debating and lobbying on the merits of proposed financial regulatory reform, you are proving yourselves to be nothing more than massive frauds yourselves by not fully addressing and exposing the single greatest financial fraud perpetrated on American investors, that is the world of auction-rate securities.

To President Obama, members of Congress, financial regulators, and Wall Street executives, your unwillingness and inability to openly and honestly address the perpetuation of the fraud surrounding ARS ($150 billion ARS remain outstanding) paints you as nothing more than aiding and abetting the fraud itself. Who amongst you is even willing to fully address this topic? (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…)

“Before Any Fraud Ensued”

Posted by Larry Doyle on March 31st, 2009 1:31 PM |

There seems to be a growing stream of information and activity surrounding the travesty with Auction Rate Preferred Securities, otherwise known as ARPS.  Citigroup and Wachovia just settled a $4.7 billion claim brought by California investors. Oppenheimer Holdings, based in Toronto, is considering incorporating itself in the United States in an attempt to receive government funds via the TARP (Troubled Asset Recovery Program) to settle outstanding claims by ARPS investors. 

This morning, Bloomberg reports UBS Auction-Rate Securities Suit Dismissed by Judge. What is this? No fraud was perpetrated? Did the investors not properly make their claim? Was UBS not liable in the underwriting and selling of ARPS? Is Sense on Cents making no sense with all the writing on this topic? Let’s review what the judge in this case has to say: (more…)

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