With the deteriorating economic situation in the U.S., consumers need to stop thinking Wall Street, a real big U.S. stock brokerage firm or a real big U.S. bank cares about you-they do not.
Washington, DC (PRWEB) June 9, 2008
For almost four months, Americas Watchdog has been investigating the US auction rate securities debacle. Americas Watchdog is offering to help all victims of the auction rate securities scandal for free. Why is this a scandal? According to Americas Watchdog, over 140,000 U.S. citizens were told by their name brand US bank, a high profile Wall Street stock brokerage firm, or a financial institution that individual investors should cash in their CD's or money market accounts, because there was complete safety in something called an auction rate securities also known as a auction rate preferred shares or auction rate shares (ARPS or ARS). According to Americas Watchdog, it was a $320 billion lie.
For consumers who were defrauded in the auction rate securities disaster the group says, "Don't think for one moment the federal government or individual states are going to ride in to the rescue." According to Americas Watchdog, "We have e-mailed, called, sent letters to most major news agencies, state & federal government agencies that have regulatory powers, and we keep on getting the door slammed in our face. One major newspaper business editor told us, look who advertises in our business section, we can't do the story (exception the New York Times & Wall Street Journal). This $330 billion fraud is being swept under the carpet, and if you have auction rate securities (ARPS or ARS), you are going to have to fight to get your money back, & we will help give you the tools to fight."
Americas Watchdog & their Auction Rate Securities Complaint Center is recommending that most auction rate shares or auction rate preferred shares victims talk with an arbitration law firm that has a specialty in securities law as opposed to joining a class action. Americas Watchdog considers class actions a poor option, that could yield as little as $0.10 cents on the dollar. The group can make some very good suggestions with respect to the top securities arbitration law firms in the U.S.
Americas Watchdog is also saying, "With the deteriorating economic situation in the U.S., consumers need to stop thinking Wall Street, a real big U.S. stock brokerage firm or a real big U.S. bank cares about you-they do not."
Extra Important Note: Some personal injury type of law firms with no securities experience are now creating web sites that say they can help victims with a class action. If a consumer who was defrauded with auction rate securities (ARPS or ARS) wants to know who to call, Americas Watchdog can make some good recommendations. Any auction rate securities victim can call Americas Watchdog anytime at 866-714-6466.
Americas Watchdog will try to explain the secondary market to every consumer who has a auction rate security. The secondary market is a place that has been created to buy investors out of the ARPS or ARS investment. While the secondary market will involve a discounted sales price, a good portion of the discount could be made up in the arbitration process. The ARS Watchdog web site is located at http://ARSWatchdog.com & the group would recommend that consumers defrauded in Auction Rate Securities, visit the web site & click on the "options" tab
So Who Is The Typical Auction Rate Securities Victim: (in auction rate preferred shares or auction rate shares)? According to Americas Watchdog, the typical victims are as follows:
- Retired people
- People who did not want their money at risk in the U.S. stock market
- People who were about to buy a home
- Parents who had a trust fund for their kids
- Disabled people who need the money so they can pay bills.
- People saving for retirement
- Young people saving for their first home
According to Americas Watchdog, "We have talked to over 1000 victims and everyone needs to stop listening to their stock broker with lines like, it will get fixed." According to the group, "If you have a student loan or a municipal auction rate security you could be looking at 20 years before you get your money back."
So what should any individual involved in the auction rate preferred shares (ARPS) or auction rate shares (ARS) scandal do?
According to Americas Watchdog, "We want every victim to call us because they need to start making smart choices to protect themselves, and we want to tell them everything we know. This includes not taking the bait on a class action that will not yield much for the victim as opposed to the better choice of arbitration and not buying into the line the auction rate securities mess will fix itself--it will not. Victims can call us anytime at 866-714-6466."
Anyone who purchased an auction rate shares or an auction rate preferred share should call Americas Watchdog at 866-714-6466 or visit their web site at http://ARSWatchdog.com.
Americas Watchdog and its ARS Watchdog are all about protecting consumers in what will turn out to be the single worst case of fraud in U.S. history.