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Posts Tagged ‘Oppenheimer’

Auction Rate Comments Reflect Real Pain

Posted by Larry Doyle on April 21st, 2011 8:05 AM |

Today’s commentary is a little lengthy but is very personal. I hope you will take the few extra minutes to read it and share it with friends, family, and colleagues. Thanks. LD

Each and every day I think of what I can write that will truly help people further understand the dynamics at work in our global economy. In the course of my writing I am often drawn to specifically help those who have been defrauded or abused by the system that operates on Wall Street and in Washington.

I derive tremendous personal satisfaction in providing an outlet and a sympathetic ear to those who feel that few if any people are in their corner. No group of investors and individuals deserves greater sympathy and a stronger voice than our fellow American citizens so badly mistreated in the entanglement of auction-rate securities.

While many within our nation and the markets today may care to focus on recent earnings reports, a rebounding equity market, or the upcoming long weekend, let us remember that there are thousands in this country who still experience real pain from the ARS scandal. Is it easier to forget about them? If you care.

I choose to reach out to them again and spread their stories of real pain and anguish. Why? (more…)

Raymond James ARS Customer Requests/Offers Help

Posted by Larry Doyle on August 18th, 2010 7:23 AM |

Sense on Cents has been happy to provide a forum for auction-rate securities holders in general. On a more specific note, Sense on Cents has generated significant ARS interest from individuals remaining engaged with Oppenheimer and E*Trade.

We can now add Raymond James to the list of entities entangled in the auction-rate securities cesspool. While I am not in a position to pass judgment on the merits of every specific ARS client’s situation, the simple fact is so many of these situations are strikingly similar.

I am heartened that Sense on Cents has not only been able to provide moral support to many ARS holders but has also been able to pass along meaningful information in the process.  In this spirit, I am compelled to highlight two comments left here Monday by an individual who remains frozen in ARS sold by Raymond James. While reading these comments, put yourself in this writer’s position. The fact is this writer and virtually every ARS investors are connected. I hope my highlighting his comments can help bring this individual and many others both moral and real support. (more…)

Calling All Auction-Rate Securities Holders

Posted by Larry Doyle on August 10th, 2010 6:42 AM |

Without information there can be no real truth. Without truth there can be no real justice. Without justice, what is the quality of our nation and ultimately our civilization?

Why do so many Americans remain enraged at the economic travesty of the last few years? For the very simple reason that those regulators who were charged to protect American investors not only failed in their initial charge but to a large extent have continued to fail investors by not aggressively pursuing justice where financial improprieties–if not outright fraud–transpired.

To this end, why am I not surprised that many auction-rate securities holders have quickly directed their attention and focus to the state of Colorado where securities commissioner Fred Joseph has filed a complaint against E*Trade for improperly marketing and distributing auction-rate securities. Other ARS holders are hoping Commissioner Joseph will take a similar tact on their behalf against other firms for the same reason.

In order for the Colorado state securities commissioner to pursue the truth, he needs the information. (more…)

If Andrew Cuomo Is Such a Tough Guy, Then…

Posted by Larry Doyle on May 21st, 2010 1:33 PM |

NY Attorney General Andrew Cuomo

The Wall Street Journal reports today that Andrew Cuomo will be exceptionally tough with legislators who do not play ball with him if and when he is governor of New York. How might Cuomo display his toughness? Cuomo’s Message: Dont Cross Me highlights:

As Democrats in Albany prepare to celebrate the kickoff of Andrew Cuomo’s campaign for governor next week, Mr. Cuomo is quietly putting out the word that if he’s elected lawmakers who resist his agenda will be punished. (more…)

ARS Investor Makes Public Plea

Posted by Larry Doyle on May 3rd, 2009 2:02 PM |

On the heels of Bloomberg breaking the news of FINRA’s investment in Auction Rate Securities, I have received a number of e-mails from ARS investors thanking me for my pursuit in publicizing that information. One e-mail in particular touched me. This investor purchased ARS from Oppenheimer. His e-mail to attorneys general around the country and major media outlets is powerful. I share his questions; they deserve answers. With the writer’s permission: (more…)

Will TARP Screw ARPS Even Tighter?

Posted by Larry Doyle on March 25th, 2009 1:37 PM |

screw1I have written extensively how Wall Street perpetrated a multi-billion dollar scam in the name of Auction Rate Preferred Securities (ARPS). For our newer readers, ARPS are securities funded by longer maturity underlying loans or preferred shares but marketed as short term cash or money market surrogates. How would that work? Wall Street ran very regular (weekly, monthly) auctions to provide liquidity for ARPS holders. The scam worked well until the overall market hit the skids and the Wall Street dealers backed away from providing liquidity to these supposed short term cash/money market instruments.

In the process of reviewing the underlying loans backing these deals, investors became aware of the long term nature of that collateral and thus their investment. While there is overwhelming evidence supporting the gross mismarketing of these securities, the SEC and FINRA have dragged their feet in rectifying this situation. Why? Great question.

I have highlighted that FINRA actually owned $647 million of ARPS as of year end 2006. That news is shocking to whomever I inform. Did FINRA sell their bonds? If so, to whom? When? What price? Did they front run an imploding market?

Could taxpayers via the TARP (Troubled Asset Recovery Program) actually get stuck making investors whole for a scam perpetrated by Wall Street? This fraud gets more bizarre at every turn. Welcome to the world of finance 2009.

I thank PT for sharing with me a story that broke yesterday: (more…)

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