Posts Tagged ‘ARS’
Posted by Larry Doyle on June 18th, 2010 11:06 AM |
The fight for justice for auction-rate securities investors has many rounds yet to go. I remain determined to fight, cover this story, and highlight the ongoing fraud and injustice perpetrated on ARS investors everywhere until the last punch has been thrown. On that note, let’s get ready to rumble!
I received a recent message from an individual in Florida. The fact that the financial fraud in this specific case and the ARS market in totality remain largely unknown to the American public is an indictment of Wall Street, the financial industry at large, our financial regulators, the broad financial media, Congress, and ultimately our nation. Let’s strap it back on, and go after those individuals and institutions in our country who have failed to protect our brothers and sisters who were defrauded in the distribution of ARS. (more…)
Tags: Albert Loewenthal, Andrew Cuomo, ARPS, ARS, Auction rate Securities fraud, auctionratepreferreds.org, Bill McCollum Florida Attorney General, financial fraud, Florida Attorney General, florida investors, fraudsters, Larry Doyle, Oppenheimer and Company, Sense on Cents
Posted in ARPS, ARS, Auction Rate Securities scandal, financial frauds, General | 7 Comments »
Posted by Larry Doyle on May 18th, 2010 3:21 PM |
More evidence of the fraud surrounding auction-rate securities is exposed this morning in a story highlighting how Thomas Weisel Partners ‘stuffed’ $15.7 million of auction-rate securities into client accounts in order to raise cash to pay bonuses. The Wall Street Journal reports, Weisel Accused of ‘Stuffing’ Auction-Rate Securities:
Finance industry regulators have charged Thomas Weisel Partners and one of its former executives with improperly “stuffing” $15.7 million of auction-rate securities into client accounts in order to raise cash to pay bonuses. (more…)
Tags: ARS, FINRA, FINRA investigates Weisel, SEC, Stephen Henry Brinck Jr., Thomas Weisel, Weisel Accused of 'Stuffing' Auction-Rate Securities, Weisel stuffed ARS into accounts, will SEC investigate FINRA sale of ARS
Posted in ARPS, ARS, Auction Rate Securities scandal, General | 5 Comments »
Posted by Larry Doyle on March 29th, 2010 1:08 PM |
Is the great lie and fraud encompassing the auction-rate securities fiasco continuing even into the settlement process? Information, or the lack thereof, indicates it is. In the process, the injustice served cold to the thousands of ARS investors, especially those who purchased these so-called ‘cash’ instruments from Oppenheimer Holdings, continues.
Wall Street, Washington, and the bulk of the financial media (exceptions being author Phil Trupp, Bloomberg’s Susan Antilla, and the Washington Examiner’s Marta Mossburg) would prefer to keep the ARS fraud and fiasco neatly under the rug. I have no interest in allowing the fraudulent ARS perpetrators and their financial regulators any degree of comfort in this mess. (more…)
Tags: Albert Loewenthal, ARPS, ARS, ARS settlement Oppenheimer, financial frauds on Wall Street, Marta Mossburg, New York Attorney General Andrew Cuomo, Oppenheimer ARS, Oppenheimer auction rate securities settlement with NY AG Cuomo, Oppenheimer auction rate settlement, Phil Trupp, Susan Antilla, Wall Street, Washington
Posted in ARPS, ARS, Auction Rate Securities scandal, General | 12 Comments »
Posted by Larry Doyle on March 27th, 2010 4:51 PM |
PLEASE READ and ENDORSE THIS CALL for an INDEPENDENT INVESTIGATION. PLEASE SHARE. Thanks!! LD
I have publicly stated time and again that I believe the Wall Street self-regulatory organization, FINRA, did sit and likely still sits at the nexus of the Wall Street-Washington incest that has brought our nation’s economy to its knees.
Regrettably, we have had no Congressional inquiries into the failures at FINRA. Dare I say, we have had no public pressure from the media to drive a Congressional inquiry.
I am tremendously sickened by Congress not working for America’s citizens interests by investigating FINRA. Please recall that FINRA not only failed to protect investors, but there are strong allegations that FINRA itself participated in some of the greatest frauds on Wall Street via its own internal investment portfolio. Which frauds?
We know they dumped $647 million auction-rate securities in mid-2007 and likely front ran the ARS market while doing it. I unearthed the fact that FINRA owned these ARS in January 2009 when reading FINRA’s 2007 Annual Report. Meanwhile, $150 BILLION held by thousands of investors remains in frozen ARS investments.
There is an outstanding allegation that FINRA invested its own funds in Bernie Madoff. We know they failed to properly regulate and monitor Lehman, Bear Stears, and Merrill Lynch. How much more should Congress need to know?
FINRA needs to be introduced to the American public and investigated by Congress. FINRA has not even received direct focus or attention in Senator Dodd’s proposed Financial Regulatory Reform.
We can sit idly by and allow Wall Street and Congress to dictate to us or we can do something. I choose the latter. I want this post and this site to be the lightning rod to bring attention to how Wall Street’s self-regulation, embodied in FINRA, drove our economy into the ditch.
Please add your support by leaving a comment endorsing this investigation. I intend to keep a focus on this topic until FINRA’s failures are fully exposed and people are held to account. Get your friends and colleagues to do the same. If we can create a groundswell of support, I feel confident I can get some selected media friends to pick this up. From there, I welcome leading this march to Washington.
The American public and American investors deserve nothing else.
Any questions. Please do not hesitate to ask here or write me at senseoncents@aol.com.
Who’s with me?
FINRA must be independently investigated. America needs to learn how the Wall Street cop was not only asleep, but also in bed with the financial industry as Wall Street brought America to the brink of disaster.
LD
Tags: ARPS, ARS, Bear Stearns, Bernie Madoff, BMIS, Bob Errico, Financial Industry Regulatory Authority, financial regulation, Financial Regulatory Reform proposal, FINRA, fraud on Wall Street, Lehman Brothers, Madoff, Mary Schapiro, Merrill LYnch, Rick Ketchum, self-regulation, Sense on Cents, Susan Merrill, Wall street fraud, what is Finra
Posted in General | 30 Comments »
Posted by Larry Doyle on March 9th, 2010 12:04 PM |
People in glass houses should not throw stones.
That simple piece of wisdom is both timeless and precious. Regrettably, too many in our media fail to uphold it. Where do I see evidence of it today?
The Wall Street Journal today runs a book review of Harry Markopolos’ recently released No One Would Listen. The reviewer is Richard J. Tofel of ProPublica, a nonprofit investigative-journalism newsroom. Tofel does not denigrate Harry’s work, but he emasculates Harry from a personal standpoint. (more…)
Tags: ARPS, ARS, book review No One Would Listen, FINRA, Harry Markopolos, Madoff investigation, Madoff Whistleblower, No One Would Listen, people in glass houses, Richard J. Tofel of Propublica, Richard J. Tofel's review of No One Would Listen, Richard J.Tofel, Russian mob in Madoff scam, SEC, The Wall Street Journal, Tofel writes of Harry Markopolos, Wall Street Journal book review of No One Would Listen, whistleblowers
Posted in General, Harry Markopolos | 5 Comments »
Posted by Larry Doyle on March 8th, 2010 8:12 AM |
Investors defrauded in the distribution of auction-rate securities deserve a voice. Sense on Cents is happy to provide it. Aside from feeling screwed by Wall Street banks and money managers in the distribution of auction-rate securities as a cash surrogate, investors now feel increasingly incensed by the lack of support in the judicial system and in selected attorneys general offices in our country.
The latest AG to feel the wrath of ARS investors is New York AG Andrew Cuomo for his recent settlement with Oppenheimer Holdings. Rather than reading my opinion of Cuomo’s settlement, let’s listen to an investor (who remains nameless for obvious reasons). In my opinion, this individual’s letter speaks volumes and echoes the sentiments of thousands of investors who continue to hold the $150 BILLION in frozen ARS. (more…)
Tags: Andrew Cuomo, ARPS, ARS, ars investor unloads on ny ag cuomo, Auction rate preferred securities, Auction Rate Securities, Bernie Madoff, cash surrogate ars, fees earned on auction rate securities, fraud on Wall Street, insider trading ars, marketing of ars, New York AG Andrew Cuomo, Oppenheimer CEO Albert Loewenthal, Oppenheimer Holdings, Wall Street, Washington, Washington D.C.
Posted in ARPS, ARS, Auction Rate Securities scandal, General | 4 Comments »
Posted by Larry Doyle on March 4th, 2010 7:29 AM |
The auction-rate securities market did not instantaneously freeze in early 2008. The fact is, the ARS market started to fail in mid-2007 on the heels of a variety of market segments repricing given the liquidity issues on Wall Street. Recall that mortgage hedge funds at Bear Stearns cratered in spring 2007. At that point, Wall Street was becoming much more risk averse while shepherding the use of its own capital and balance sheets. During this point in time, the ARS market started to fail and ultimately totally froze in early 2008.
Evidence is rampant that Wall Street worked feverishly from mid-2007 until early 2008 to offload auction-rate securities anywhere and everywhere without informing investors of the failing nature of the market. (more…)
Tags: ARPS fraud, ARS, Auction Rate Securities, Auction Rate Securities scandal, Citigroup auction-rate securities scandal, Citigroup Pete Thompson Scott Kami, Citigroups auction-rate bonds freeze $1 billion in hawaii cash, FINRA, fraud, Hawaii auction rate securities, hawaii cash strapped, hawaii Governor Linda Lingle, Karl Rhoads, Mary Schapiro Rick Ketchum, SEC, Wall Street
Posted in ARPS, ARS, Auction Rate Securities scandal, FINRA, General | 2 Comments »
Posted by Larry Doyle on February 23rd, 2010 2:04 PM |
Are the days of Wall Street’s self-regulatory organization known as FINRA numbered?
In the opinion of the very credible Project on Government Oversight, they should be. Why? Significant failures, massive conflicts of interest, and more. POGO’s comprehensive and scathing letter to four separate House and Senate committees touches upon every failing within FINRA, with the exception of the integrity of the proxy statement used in the formation of the organization itself. Strong allegations in a current lawsuit against FINRA make the case that Mary Schapiro lied verbally during roadshows and in the proxy statement. (For details on this lawsuit read here.)
Despite not addressing the issues embedded in that lawsuit, POGO touches all the other bases and covers all the other issues surrounding this organization. (more…)
Tags: Amerivet Securities vs FINRA, Anna Driver, ARPS, ARS, Bernie Madoff, Bernie Madoff Mark Madoff Peter Madoff, Bernie Madoff's relationship with FINRA, compensation at FINRA, Danielle Brian's letter about FINRA, Darrell Preston FINRA, Davis Polk Wardwell, did FINRA protect investors, financial regulation, financial regulatory reform, FINRA, FINRA and NASD Annual reports, FINRA conflicts of interest, FINRA failings, FINRA oversight of Stanford, FINRA's board, FINRA's failure in auction rate securities, FINRA's formation, FINRA's future, FINRA's oversight of Madoff, FINRA's oversight of Wall Street, FINRA's track record, Frederick Fram, incest on Wall Street, John Coffee, Lena Stinson, Madoff relationship with FINRA and NASD, Mary Schapiro, Mary Schapiro compensation and severance, merger creating FINRA, Michael Smallberg's letter to Congress and Senate on FINRA, NASD, NASDAQ, National Adjudicatory Council, POGO, POGO FINRA, POGO investigates FINRA, POGO letter on FINRA, POGO letter to House and Senate committees, POGO letter to House Committee on Oversight and Government Reform, POGO letter to House Financial Services Committee, POGO letter to Senate Banking, POGO letter to Senate Finance, project on Government Oversight, Richard Ketchum, Robert Errico, self-regulation on Wall Street, Shana Madoff, Susan Merrill, Tom McGinty kara Scannell Randall Smith FINRA, Wall Street employees working at FINRA, Wall Street's SRO, Wall Street-Washington incest, watchdog group investigates Wall Street regulator, what does Finra do?
Posted in FINRA, General, POGO | 11 Comments »
Posted by Larry Doyle on February 20th, 2010 11:58 AM |
The target on SEC Chair Mary Schapiro’s back is getting larger and gaining more focus. How so?
The lead editorial in this weekend’s edition of The Wall Street Journal goes after Schapiro hard in writing, Mary Schapiro’s Say on Pay. While the editorial leads with the ongoing battle Schapiro and the SEC are having with Bank of America’s lack of disclosure during its merger with Merrill Lynch, the Journal quickly turns the tables on Ms. Schapiro and addresses the lack of disclosure at Ms. Schapiro’s former haunt, FINRA.
Come to papa.
Regular readers of Sense on Cents are well aware of how consistently and steadily I have been banging this FINRA drum. It is long past due that America is truly introduced to Wall Street’s self-regulatory organization, the Financial Industry Regulatory Authority (FINRA). (more…)
Tags: ARS, Auction Rate Securities, Bernie Madoff, Bloomberg News, disclosure, Dow Jones, FINRA, Madoff, Mary Schapiro, Mary Schapiro's Say on Pay, merger of Bank of America with Merrill Lynch, NASD, regulation, regulatory system, Richard Greenfield, The New York Times, Wall Street, Wall Street Journal, Wall Street Journal editorial lack of disclosure on FINRA compensation, Wall Street Journal editorial page 2 20 2010, Wall Street Journal February 20 2010 Mary Schapiro's Say on Pay, Wall Street Journal February 20 2010 Schapiro FINRA Madoff, Wall Street Journal FINRA, Wall Street Journal Mary Schapiro compensation practices at FINRA, Wall Street Journal Mary Schapiro's Say on Pay editorial February 20 2010, Wall Street regulation, WSJ editorial February 20 2010 FINRA lack of disclosure, WSJ editorial FINRA not-for-profit compensation Schapiro, WSJ editorial on MAry Schapiro February 20 2010
Posted in FINRA, General, Mary Schapiro, Wall Street, Wall Street Journal | 2 Comments »