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Posts Tagged ‘National Grid auction rate nightmare’

ARS Update: Investors Still Getting Screwed

Posted by Larry Doyle on September 18th, 2013 7:59 AM |

I am long overdue to address the ongoing — as in 5+ years — nightmare that defines the world of auction-rate securities, aka Wall Street’s greatest scam.

“You mean this is still going on”¬† is a common refrain I have heard from a variety of media representatives, lawyers, investors, and even regulators.

Yes, indeed, the ARS nightmare continues with seemingly little evidence of meaningful support provided to those ARS investors still left standing in the cold wondering whatever happened to the concept of investor protection embedded in the securities reform legislation passed back in the 1930s.

We know that FINRA liquidated its own ARS holdings — all $650 million of them — back in 2007. If not for that fortuitous (??) stroke of luck (??), perhaps the regulator would also be waiting in line wondering if and when it might get its money back.

To check in on how the supposedly venerable firm of Goldman Sachs is partaking in the ongoing screwing of ARS clients, I thank a regular visitor to these parts who shared a commentary. (more…)

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