first why borrow your own money back from the thief, who stole it in the first place? And two, many of these loans have a margin feature & language that may preclude a victim from a lawsuit or securities arbitration in the future.
Washington, DC (PRWEB) July 28, 2008
Americas Watchdog is the largest private consumer group in the United States focused on Wall Street misdeeds, and it has been assisting victims of the $330 billion auction rate securities disaster for over five months. Since February 14th, Americas Watchdog has had a national investigation involving the banks and stock brokers involved in the auction rate securities fraud. The group is now warning ARPS. ARS or SLARS, victims,"they should not buy into Wall Street spins from everything will be ok, to a sales pitch from a law firm with no experience in securities lawsuits or securities arbitration, that wants a $25,000 retainer fee, or one third of the entire investment. Americas Watchdog, will not sit on our hands and watch people get taken twice, in what we consider to be the worst case of fraud in US history. This is more than a shot against everyone's bow."
Americas Watchdog is also warning US bankers and stock brokers to stop telling auction rate securities victims, that their student loan auction rate securities (SLARS) will be ok. According to Americas Watchdog, "if the US bank or stock brokerage firm is so confident the auction rate securities are such a great investment, have them e-mail that exact wording along with, I sold you a auction rate security because they were always just like cash, liquid and completely safe." According to the group, "it will never happen". Americas Watchdog says, "these are the same banks and stock brokers who advertise on TV business programs, with ads that say, we love you, and we will never let you down, because we care about you."
"Americas Watchdog has consistently been saying auction rate securities victims are going to have to fight for their money through arbitration. We have said stay away from class actions unless a ARS/ARPS victim wants ten cents on the dollar. Victims should call us at 866-714-6466 for the names & phone numbers of real securities arbitration attorneys that not only know what they are doing, but they will be fair and honest with the victim."
Americas Watchdog is also suggesting that all auction rate securities victims should call the Restricted Trading Network to find out what their auction rate securities are worth. The group is strongly suggesting that auction rate securities victims not take the phony loans being offered by some banks or stock brokers. The group says, "first why borrow your own money back from the thief, who stole it in the first place? And two, many of these loans have a margin feature & language that may preclude a victim from a lawsuit or securities arbitration in the future."
The group sees additional serious US credit issues, and is telling auction rate securities victims to get off the fence, and forget about the SEC riding to the rescue. Americas watchdog says, "call us, we will tell you every thing we know, we will be 100% honest, and we will try to get you pointed in the right direction Especially victims with student loan auction rate securities (SLARS). But do not be a deer in the head lights waiting for this to get fixed. For most auction rate securities victims it will not get fixed, unless they want to work to get their money back." Auction rate securities victims can call Americas Watchdog anytime at 866-714-6466 or visit their web site at http://ARSWatchdog.Com.
Americas Watchdog is all about consumer protection and corporate responsibility.