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Posts Tagged ‘ARS’

ARS UPDATE: Cries for Help Go Unanswered

Posted by Larry Doyle on February 27th, 2013 8:21 AM |

February 14, 2008: The auction-rate securities market freezes, and tens of thousands of our fellow citizens’ lives are forever changed as that simple American virtue of “trust” goes out the window never to return.

I have long described the ARS market as Wall Street’s greatest scam. Five years out, the pain of this fraud continues and ARS investors’ cries for help go unanswered.

What happened to our country? I will tell you what happened. Our government and regulators are ineffectual at best and corrupt at worst. You do not think so? Let’s navigate.  (more…)

Those Uncle Sam Failed, Violated, and Left Behind

Posted by Larry Doyle on April 3rd, 2012 8:31 AM |

They are going to forget about me.

I have heard that line and iterations thereof from too many of our fellow citizens. Uncle Sam in the personage of Ben Bernanke, Tim Geithner, Henry Paulson, Mary Schapiro, John Boehner, Nancy Pelosi, Barack Obama and many others can talk about the actions they have taken and will take to save our economy and our nation; however, in the midst of their supposed efforts they have failed, violated, and left behind tens of thousands of our fellow citizens in their wake.

Of whom and to what do I refer?  (more…)

Oppenheimer’s Al Loewenthal: Better to Remain Silent and Be Thought a Fool…

Posted by Larry Doyle on March 15th, 2012 8:06 AM |

Reactions I heard to the Jerry Maguire type bombshell launched by former Goldman exec Greg Smith ran the gamut yesterday.

There are those who questioned Mr. Smith’s sanity at committing career suicide. Others appreciated his airing of dirty laundry and “come to Jesus” expose. I personally believe if Mr. Smith wanted to lash out at those at Goldman who created the culture he came to detest, he may have been more laser like in his approach.

The hand grenade he launched into the Goldman camp was the equivalent of friendly fire and also hit plenty of very good people who work very hard to make an honest living everyday. I know very honest and very good people in the firm.

I welcome being the harshest critic of those who deserve to be called out.  (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…)

What Should ‘Occupy Wall Street’ Demand?

Posted by Larry Doyle on October 11th, 2011 9:44 AM |

I received a call yesterday from a reporter from a highly regarded periodical inquiring about my recent commentary, ‘Occupy Wall Street’ Should ‘Occupy Washington’.

Having had a number of previous discussions with this reporter, I welcomed her question as to what I thought the OWS movement should look to achieve or demand.

I prefaced my comments by stating that I hope civil unrest and random violence do not come from these demonstrations. America needs a lot of things but we certainly do not need riots. (more…)

‘Occupy Wall Street’ Should ‘Occupy Washington’

Posted by Larry Doyle on October 7th, 2011 11:53 AM |

Is Wall Street the center of all the problems in America?

Many of those involved in the “Occupy Wall Street’ demonstrations may think so.

I strongly believe that they are wrong.

Those with a keen ‘sense on cents‘ understand that Wall Street does embody part of our national problems. They also appreciate that the stench that overhangs Wall Street is consistent with an incestuous and far stronger odor emanating from Washington. (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…)

Auction-Rate Securities UPDATE: SEC Brief May Help ARS Investors

Posted by Larry Doyle on July 26th, 2011 8:21 AM |

37 months and counting and still thousands of Americans holding untold billions of dollars in frozen auction-rate securities await the return of THEIR money.

The question of whether the injustice of all that went on in the ARS scandal might ever truly see the light of day seems to have long since been dismissed. Regrettably that fact would seem to mitigate a full understanding of the ARS mess and minimize the lessons that may otherwise have been learned by future generations. What a shame!!

Despite these realities, the fight goes on supported by the billions of reasons that may appear to be frozen in those outstanding ARS but are very much alive.

I have always maintained that the ARS market was the greatest scam ever perpetrated on Wall Street. What is new on the ARS front? (more…)

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