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HomeFebruary 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…)
ARS ‘Penalty Does Not Fit the Crime’ or Why I Am Becoming a Libertarian
Posted by Larry Doyle on February 9th, 2011 7:38 AM |
Why is it that so many people in our nation do not trust our government, our media, and our banking system?
In my opinion, America continues to look and search for people and programs that truly represent their interests. In the course of a conversation yesterday with a former colleague, he spoke cogently as to why he is moving toward being a libertarian and why he believes so many others are as well. I found myself agreeing with him on so many fronts. (more…)
Calling All Auction-Rate Securities Holders
Posted by Larry Doyle on November 15th, 2010 7:15 AM |
Information is everything!!
A nation of laws will prosper if and only if the adjudication of disputes is handled in a truly robust fashion. This adjudication process should theoretically lead to the drafting and implementation of new legislation if and when necessary. While industry insiders will often lobby to influence this process both in the courts and in our legislative bodies, America needs real statesmen and true heroes who will champion worthy causes and pursue total truth, real transparency, and unbridled integrity.
The media can play a large role in highlighting and exposing injustices if it cares to perform its duties. Regrettably during our economic crisis of the last few years, the media has often largely shown itself to be as much part of the problem as part of the solution. Why do I write on this topic today? For the very simple reason that tens of thousands of our fellow Americans have largely been disowned and disenfranchised by our nation. Really? Unaccustomed hyperbole, LD? I think not. Let’s navigate further.
I have been an ardent supporter of all those in our nation today who continue to be stuck holding auction-rate securities. These people number in the many tens of thousands and their holdings run upwards of $140 BILLION. Ponder that for a second. How is it that with numbers of this magnitude, the hue and cry of the accompanying injustice is not ringing loudly across our nation. It should. (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…)
Thank You!
Posted by Larry Doyle on August 7th, 2010 7:50 AM |
I am forever humbled when people read and comment at Sense on Cents.
What is the fuel that drives Sense on Cents? An insatiable competitiveness on my part. My desire to help people. My personal intellectual curiousity to learn more about a wide array of market and economic topics. That said, the fact that people continue to read, share, and comment on my writing is the ultimate fuel that drives this blog/website. Your interests drive my interests. In short, we are helping each other.
Given my recent professional move to Greenwich Investment Management, along with my ongoing desire to maintain and grow my blog/website, I am even more indebted to those who provide an extra set of eyes and ears to topics that fall under the heading of real “sense on cents.” This form of leverage is truly a practice in which there are no losers. Thank you!
I reference this point of leveraging based on the recent letters and commentary I have had with the likes of Gary Aguirre, various auction-rate securities holders, and many others. Please do not be bashful in writing me and sharing your stories and situations, especially if they may help a wider audience. While obviously protecting personal identities, I am happy to run commentary that serves all our interests.
On that note, thank you again! Now, I am off for the day as my better half and I are going to pick up our 11 year old son at camp. I can’t wait to see our boy!!
Have a great day . . . and keep spreading the ‘sense on cents.’
THANK YOU!
LD
“E*Trade, Can You Hear Us Now?”
Posted by Larry Doyle on August 2nd, 2010 1:58 PM |
Keep punchin’!!
These words to live by resonate in my ears. How so? My Dad has ended almost every conversation — and certainly every meaningful conversation — in my close to 50 years with those words of wisdom and encouragement. When times are challenging or I find myself encountering a particular hurdle, the little voice in the back of my head whispers those two little words.
I find myself thinking of my Dad’s motivation when I read of specific cases of financial malfeasance. In fact, I have told many people that I write so often about the travesty surrounding the auction-rate securities debacle because I feel these investors have been largely disenfranchised. I welcome speaking up on their behalf. In the process of speaking up and continuing to punch, I have met some amazing people who continue to keep punching themselves. One particular ARS holder stands out for his own determination. He was integral to the complaint filed by Colorado State Securities Commissioner Fred Joseph against E*Trade. (more…)
E*Trade: “E”xemplary or “E”gregious??
Posted by Larry Doyle on July 16th, 2010 8:42 PM |
QUESTION: What does the “E” in E*Trade Securities LLC really stand for?
ANSWER: Choice 1 or 2
1: Exemplary…….. If they announce how they will redeem their client’s funds still frozen after 30 months in Auction Rate Securities.
2: Egregious……… if they fail to rescind or redeem all of the Auction Rate Security purchases that some of their brokers fraudulently solicited in 2007, by failing to disclose the risks and potential lack of liquidity, and marketing them to be as safe as cash equivalents or money market funds.
As of now, E*Trade is in a race to the bottom amongst all of its peers in failing to even address the problem or work towards a solution. Does E*Trade have no integrity whatsoever? Come on E*Trade, do the right thing!!
MAKE YOUR ARS CUSTOMERS WHOLE!!!
*********************************************************
On behalf of auction-rate securities investors everywhere, I am happy to run this ad here at Sense on Cents. This specific ad was submitted by a group of E*Trade clients. – LD
Oppenheimer: Do the Right Thing, Redeem Your Auction-Rate Securities
Posted by Larry Doyle on June 30th, 2010 5:14 PM |
Q: Which full-service brokerage firm has NOT redeemed their clients stuck in auction-rate securities for the past 28 months?
Goldman Sachs, Morgan Stanley, Citigroup, Wachovia, Bank of America, Oppenheimer, TD Ameritrade, Fidelity, Merrill Lynch, UBS?
A: Oppenheimer & Company is the only one of these institutions that has not redeemed their private clients’ Auction-Rate Securities that were fraudulently marketed as “just like cash.”
OPPENHEIMER: DO THE RIGHT THING!!!
Q: Which full-service brokerage firm has NOT redeemed their clients stuck in auction-rate securities for the past 28 months?
Goldman Sachs, Morgan Stanley, Citigroup, Wachovia, Bank of America, Oppenheimer, TD Ameritrade, Fidelity, Merrill Lynch, UBS?
A: Oppenheimer & Company is the only one of these institutions that has not redeemed their private clients’ Auction-Rate Securities that were fraudulently marketed as “just like cash.”
OPPENHEIMER: DO THE RIGHT THING!!!
On behalf of auction-rate securities investors everywhere, I am happy to run this ad here at Sense on Cents!! This specific ad was submitted by a group of Oppenheimer clients.
LD
At the Corner of Wall Street and the Gulf of Mexico
Posted by Larry Doyle on June 16th, 2010 9:43 AM |
The distance from the canyons of lower Manhattan to the now soiled beaches of the Gulf Coast runs about 1300 miles. A long way and decidedly different lifestyles, you may think? I do not think so. In very real terms, the economic disasters centered in each of these locales are virtually contiguous.
As I watched a replay of President Obama’s speech last evening (Red Sox and Celtics games took priority until both those games were effectively decided), I was struck by one segment of Obama’s speech and the stark similarity in the disasters centered on Wall Street and the Gulf. Which segment and which similarity? (more…)
