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Posts Tagged ‘Oppenheimer auction-rate securities’

ARS Update April 2013: The Nightmare Continues

Posted by Larry Doyle on April 25th, 2013 8:43 AM |

Five plus years after the meltdown of the largest fraud ever perpetrated on Wall Street, and the nightmare that defines the world of auction-rate securities goes on.

While Wall Street, Washington, and the media would very much like to leave the pain encompassing the ARS market largely in the rear view mirror, for many individuals who still hold on to the hope that they may ultimately get repaid in full from these widely distributed “cash-surrogate” instruments, the pain and anxiety remain front and center.

I continue to hear regularly from many individual ARS holders.

Not that anybody needs further reason to know that individual investors on Wall Street are at an enormous disadvantage in the face of captured and corrupted regulators and institutions that possess more information, but a recent piece of data I unearthed while working on my upcoming book (think I might be able to get Mary Schapiro to come to a book signing and autograph some copies!!??) speaks volumes to this point.  (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…)

ARS Investors Targeting Andrew Cuomo

Posted by Larry Doyle on May 13th, 2010 7:30 AM |

I know fraud when I see it. I also know a miscarriage of justice when I see it. The manner in which auction-rate securities were distributed was a fraud. The manner in which this fraud has been largely adjudicated has been a massive miscarriage of justice. No miscarriage has been greater than that laid at the feet of those auction-rate securities investors who purchased ARS from Oppenheimer and Company.

In true American patriotic spirit, these ARS investors are not taking this injustice sitting down. I have never owned an auction-rate security, but I welcome joining their fight and highlighting their cause. On that note, Andrew Cuomo should watch out. A group of Oppeneheimer ARS investors just released the following statement: (more…)

Auction Rate Security Anxiety Continues

Posted by Larry Doyle on December 29th, 2009 10:03 AM |

Still they wait.

$150 billion dollars.

Thousands of investors unable to access THEIR funds frozen in Wall Street’s greatest fraud, that is the world of auction-rate securities.

While an initial court ruling against Union Bank of Switzerland defined the sales and distribution of auction-rate securities as a fraud, recent court rulings have shifted the burden of responsibility onto investors.

When I worked on Wall Street, I was never involved directly or indirectly with the sales or trading of auction-rate securities. That said, I understand full well the explicit and implicit guarantees that brokers and salespeople made in distributing this product. The fact that those entities which distributed ARS have not been held to full and total account is an unspeakable travesty. The lives of investors who have been dramatically impacted get little to no attention from the media. Shame on them.

Our federal financial regulators housed within the SEC are nowhere to be found. FINRA remains in bed with the industry and would just as soon not draw attention to its own liquidation of $647 million ARS in mid-2007 as the market was failing.

Days, weeks, months, and now years pass. Where is the justice and retribution for those ARS investors still frozen and unable to access that $150 BILLION!!! (more…)






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