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Posts Tagged ‘ARPS’

Auction Rate Pain Continues: February 14, 2008 to February 14, 2012 Recommended

Posted by Larry Doyle on February 14th, 2012 6:07 AM |

“Larry, they have forgotten about me. I do not know what to do and I have nowhere to turn.”

In so many words, I received that message from an Oppenheimer Holdings customer just yesterday who continues to be unable to access his cash which remains locked up in auction-rate securities a full four years to the day that the ARS market totally froze.

This is America?

We have an administration and regulators which fabricate settlements and try to support people many of whom were financially imprudent? But who is standing up and speaking out on behalf of those remaining ARS investors who were defrauded by financial intermediaries and cannot access their funds from what were supposedly cash surrogate investments?

Four full years later and tens of thousands of our fellow citizens remain largely disenfranchised and disowned and unable to access tens of billions of dollars that is THEIR MONEY?

This is America?  (more…)

Judge Rakoff: “Truth is Confined to Secretive, Fearful Whispers”

Posted by Larry Doyle on November 28th, 2011 6:53 PM |

Many participants in our financial markets and political circles clearly have little interest in allowing a full exposition of facts and figures on a wide array of topics. Why let those trifling principles get in the way of maximizing profits and currying favor for political gain, right?

“That’s not how we roll” here at Sense on Cents.  Truth, transparency, and integrity are ALWAYS the order of the day.

Our prized virtues may not be embraced in our nation and the world at large, but that does not mean we should or will ever forsake them.  (more…)

ARS Update: Jefferson County, Oppenheimer Holdings

Posted by Larry Doyle on November 15th, 2011 7:33 PM |

This file photo shows a Jefferson County sewer manhole cover in Railroad Park in Birmingham, Ala. Leaders of Alabama's most populous county voted to file an estimated $4.1 billion bankruptcy. The world of Wall Street may go on but for many tens of thousands of investors their financial world has remained locked in place since February 2008 when the $330 billion auction-rate market froze like the tundra.

The pain of that reality remains fresh for so many who remain unable to access THEIR cash and receive real justice for THEIR emotional pain and anguish.

Wall Street certainly wishes that this ARS issue could or would just go away.  (more…)

ARS Investor Seeks Help for ‘Theft by Any Other Name’

Posted by Larry Doyle on August 15th, 2011 6:00 AM |

The twists and turns in the ongoing saga of the auction-rate securities nightmare are replete with some of the most gut-wrenching personal stories I have experienced.

Regulators like to trumpet the progress made on cleaning up the ARS mess over the years.

Let’s hold the applause for these regulators because a full three and a half years have passed and approximately $100 billion remains frozen in those ARS which were pitched as cash surrogate, money market equivalent securities.

Over and above the cash, little attention is paid by the media or others to elevate and expose the personal nightmares of those individuals and businesses which continue to hold these frozen ARS. (more…)

Auction-Rate Securities Update: Discovery in Merrill/Maui Case is Explosive!!

Posted by Larry Doyle on August 2nd, 2011 8:17 AM |

Information is everything. The appropriate use of information can be particularly powerful if not explosive.

Whether in the canyons of Wall Street, the halls of Capitol Hill, or in the most distant regions of our great nation, the value and use of timely information is critical in determining the truth as to 1. what did people know 2. when did they know it, and 3. what did they do with it?

The legal process known as discovery is critical to elevating our Sense on Cents virtues of truth, transparency, and integrity. What is discovery?  (more…)

February 14, 2008-2011: Auction Rate Securities Nightmare Continues

Posted by Larry Doyle on February 14th, 2011 7:36 AM |

“Take it, Phil. It’s free money.”

With that statement the saga of noted author Phil Trupp into the world of auction-rate securities commenced. Phil’s nightmare experience with auction-rate securities mimicked that of so many other tens of thousands. Three years to the day after the ARS market totally collapsed, that nightmare in which investors remain unable to access their cash from their supposed cash-alternative investment continues.

Selected financial regulators, such as FINRA, have the balls to promote the success they have had in recouping ARS investors funds. Let the record show, though, that three years to the day when the ARS market froze, approximately 40% of investor funds remain frozen. Their nightmare continues. Who is standing up and fighting for these ARS investors? (more…)

How Did FINRA Know the ARS Market Was Failing Well Before 2007?

Posted by Larry Doyle on December 1st, 2010 10:24 PM |

If you knew a market were starting to fail, would you step in and purchase that asset?

If that market were failing, but simultaneously being propped up by underwriters, do you believe regulators should protect you?

If that market were failing and a regulator charged with protecting you actually dumped some of those failing assets from its own portfolio, how would you feel?

If you owned some of these securities, do you think you might be protected by the regulator? The government?

Let’s reenter the world of auction rate securities and continue to bang the drum for those investors in America who have been so badly mistreated by the financial industry, the regulators charged with protecting them, and our government.

Although I have written voluminously on the auction-rate securities market, I was never fully aware of when auctions started to fail. Until now. (more…)

Raymond James Auction-Rate Losing Streak Continues

Posted by Larry Doyle on September 9th, 2010 6:20 AM |

Oh, to be a fly on the wall at Raymond James.

I can only imagine the wailing and gnashing of teeth by Raymond James managers as the firm loses another auction-rate securities ruling. Do you think Ray Jay’s managers are privately cursing out their own legal teams and the judges handing down some recent rulings against the firm? Major developments are breaking in the world of auction-rate securities, and the actions center on Raymond James. Let’s revisit a story I highlighted in late August. (more…)

Raymond James Taking Center Stage in ARS Tragedy

Posted by Larry Doyle on August 27th, 2010 12:05 PM |

The play that has more acts and actors than the longest running shows on Broadway is regrettably anything but entertaining.

Although the entire financial industry would clearly hope it could wake up from the nightmare known as auction-rate securities, the fact is this ongoing saga is no bad dream but a very real tragedy. Which player seems to be taking center stage in this ongoing epic disaster? Enter stage right, Raymond James.

A month ago, we witnessed in a WSJ review, Raymond James Ordered to Buy Back Auction-Rate Securities:

An arbitration panel ordered two units of Raymond James Financial Inc. to buy back $2.5 million in auction-rate securities from an investor. (more…)

Raymond James ARS Customer Requests/Offers Help

Posted by Larry Doyle on August 18th, 2010 7:23 AM |

Sense on Cents has been happy to provide a forum for auction-rate securities holders in general. On a more specific note, Sense on Cents has generated significant ARS interest from individuals remaining engaged with Oppenheimer and E*Trade.

We can now add Raymond James to the list of entities entangled in the auction-rate securities cesspool. While I am not in a position to pass judgment on the merits of every specific ARS client’s situation, the simple fact is so many of these situations are strikingly similar.

I am heartened that Sense on Cents has not only been able to provide moral support to many ARS holders but has also been able to pass along meaningful information in the process.  In this spirit, I am compelled to highlight two comments left here Monday by an individual who remains frozen in ARS sold by Raymond James. While reading these comments, put yourself in this writer’s position. The fact is this writer and virtually every ARS investors are connected. I hope my highlighting his comments can help bring this individual and many others both moral and real support. (more…)

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