even with the retail settlements being announced, it only will cover about $80 billion dollars of the over $330 billion dollars invested in this fraud. This means larger investors, small businesses, pension funds or businesses that were conned into buying into this shell game will get kicked to the curb
Washington, DC (PRWEB) October 7, 2008
Americas Watchdog's Wall Street Fraud Watchdog is expanding its auction rate securities investigation into larger investors being defrauded by Wall Street banks, investment bankers and name brand stock brokers. According to Americas Watchdog, "even with the retail settlements being announced, it only will cover about $80 billion dollars of the over $330 billion dollars invested in this fraud. This means larger investors, small businesses, pension funds or businesses that were conned into buying into this shell game will get kicked to the curb". Americas Watchdog says, "we will not let this happen. Fraud is fraud, there was almost no way to do due diligence on the auction rate securities market prior to February 2008, because the banks, stock brokers and investment bankers were propping up the markets, so it would look like the auctions were not failing, etc". Larger investors, pension funds, not for profit organizations, or businesses that were sold a bill of goods with auction rate securities should call the Wall Street Fraud watchdog at 866-714-6466 or visit their web site at Http://WallStreetFraudWatchdog.Com
All Auction Rate Securities Victims Have The Following In Common:
- Auction rate securities victims were told auction rate securities were just like cash.
- Auction rate securities victims were told ARPS or ARS were safe.
- Auction rate securities victims were told a ARPS or ARS had no risk.
- All of this nonsense was a lie.
Note To the Attorney General of New York & the Attorney General of Massachusetts from the Wall Street Fraud Watchdog: "Why has there been no auction rate securities settlement announced with Wells Fargo for their retail clients? They have enough money to purchase Wachovia, but they don't have enough time, or the inclination to make things right for their auction rate securities clients"?
According to Americas Watchdog, "Congress bails out greedy banks & investment bankers for creating idiotic, if not criminal mortgages, the US Congress encourages no doc, & stated income mortgages (aka Liar Loans), Detroit gets $25 billion for making second team cars, and the bigger auction rate securities victims get a sorry, you were a sophisticated investor----tough luck"?
*Americas Watchdog will do all in its power to force state attorney generals to go after any bank, investment banker, or stock broker that sold auction rate securities, with criminal actions. Larger auction rate securities investors, pension funds, small businesses, or others that were sold ARPS or ARS can call the Wall Street Fraud Watchdog for free help and advice at 866-714-6466, or visit their web site at Http://WallStreetFraudWatchdog.Com
According to Americas Watchdog, "the auction rate securities disaster should have never been allowed to occur. If we would have had a vigilant SEC, this would have never happened. Because we don't want to see another auction rate securities type disaster, we are now advising all US investors to take a careful look at tax free municipal bonds that could be in their portfolios, and have their stock broker, or bank investment advisor confirm in writing, these are safe investments. If the bank investment advisor or stock broker will not do this, the investor should consider a safer investment." (NOW ! )
Americas Watchdog is warning about a collapse of the US tax free municipal markets in 2008-2009 because they predicated their bonds sales on inflated US real estate home values, starting as far back as 2003 (AKA: the VRDN Market).
Investors large or small who have auction rate securities can call the Wall Street Fraud Watchdog anytime at 866-714-6466 or visit their web site at Http://WallStreetFraudWatchdog.com
Americas Watchdog's Wall Street Fraud Watchdog is all about shareholder protection & Wall Street integrity. Its long over due.