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Posts Tagged ‘ARS crisis’

Did Senate Show Character in Passing the Stock Act? Can We Do the Same for ARS?

Posted by Larry Doyle on February 2nd, 2012 11:03 PM |


To know what is right and not do it is the worst cowardice.  ~Confucius

Did the United States Senate do the right thing today and show real character in passing the Stock Act (Stop Trading on Congressional Knowledge Act…aka, Stop Insider Trading in Congress!!)?

Let’s come back to that question.

The simple fact is the Stock Act was first introduced SIX YEARS ago. How is it that this piece of legislation languished for so long and now passes the Senate by a vote of 96-3?  (more…)

ARS Update: Lots of People Talking About Oppenheimer

Posted by Larry Doyle on January 12th, 2012 10:06 PM |

Last we checked on the ARS crisis two months back, we learned that the crowd at Oppenheimer was on pace to repay its ARS holders over the next 50 years. Yep, 50 years. How swell.

Well, one lucky Oppenheimer customer will get her money back a lot sooner than that. Who might that be?  (more…)

E*Trade “Heard Us” and Pays Off $100 Million ARS

Posted by Larry Doyle on October 25th, 2011 7:35 PM |

Let there be no doubt that public pressure appropriately applied can bring real results in the midst of little courage displayed by far too many in the world of financial regulation. How so?

The North American Securities Adminstrators Association recently announced a settlement with E*Trade Securities LLC in which that financial institution will return approximately $100 million to firm clients who have had their funds frozen in ARS—those supposed cash surrogate money market alternative investments—since February 2008.

This settlement is better than any other settlement I have witnessed over the last three years. The specifics include:  (more…)






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