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Posts Tagged ‘Raymond James auction rate securities’

Auction Rate Securities Update: Raymond James Claims ‘Meritorious Defenses’

Posted by Larry Doyle on May 11th, 2011 9:14 AM |

Three plus years and counting and with little indication that a full blown settlement of the auction-rate securities nightmare is close to happening, the crowd at Raymond James asserts it has ‘meritorious defenses’ against making its clients whole.

Really? How interesting.

Does Raymond James hold a trump card that nobody else is even aware is in the deck? Why is it that Raymond James provides such bluster at this time? Is the heat rising in Ray Ja’s kitchen? Let’s navigate as Investment News yesterday highlighted, ARS Mess Could Cost Raymond James Up to $50 Million,

Raymond James Financial Inc. said today it could face a loss of $25 million to $50 million if it immediately has to buy back distressed auction-rate securities from clients.  (more…)

Raymond James Auction-Rate Losing Streak Continues

Posted by Larry Doyle on September 9th, 2010 6:20 AM |

Oh, to be a fly on the wall at Raymond James.

I can only imagine the wailing and gnashing of teeth by Raymond James managers as the firm loses another auction-rate securities ruling. Do you think Ray Jay’s managers are privately cursing out their own legal teams and the judges handing down some recent rulings against the firm? Major developments are breaking in the world of auction-rate securities, and the actions center on Raymond James. Let’s revisit a story I highlighted in late August. (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…)

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