The Wall Street Fraud Watchdog Blasts State Regulators For Wells Fargo & Auction Rate Securities And Asks About Change

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The Wall Street Fraud Watchdog is accusing regulators from the States of Washington & California of incompetence for failing to get retail, & even institutional investors their money back on auction rate securities sold by Wells Fargo Bank. According to the group, "if state regulators do not have the intellectual capacity to do their job, why not sub contract the work out to a law firm that can. Current California Attorney General Jerry Brown can't handle Wells Fargo, given the fact there were e-mails citing risk as far back as November of 2007? And this guy wants to be governor of California?" For more information victims can contact the Wall Street Fraud Watchdog anytime at 866-714-6466, or contact the group via their web site at Http://WallStreetFraudWatchdog.Com

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investors, and taxpayers are sick, and tired of back room good ol boy deals, with big US banks, investment bankers, & state or federal regulators, when it comes to US citizens getting anything even close to prompt justice, in what would seem to be and endless array of one Wall Street scam after another.

The Wall Street Fraud Watchdog has been unyielding in its efforts to get refunds for customers, who were told that auction rate securities were just like cash, & completely safe, since February of 2008. Lately the group has been demanding that Wells Fargo Bank settle up with its retail, & institutional auction rate clients (victims), because of the emergence of a November 2007 internal e-mail that cited "risk"(source Associated Press 4-23-09). According to the Wall Street Fraud Watchdog, " investors, and taxpayers are sick, and tired of back room good ol boy deals, with big US banks, investment bankers, & state or federal regulators, when it comes to US citizens getting anything even close to prompt justice, in what would seem to be and endless array of one Wall Street scam after another." The group says, "from mortgage backed securities, to stock brokers churning accounts, to the absolute worst case of fraud in US history- the $330 billion dollar scheme, called auction rate securities, everyone gets a free pass-except for this time. This time the bank is going to pay up." Auction rate securities victims can call the Wall Street Fraud Watchdog anytime at 866-714-6466, or contact the group via its web site at Http://WallStreetFraudWatchdog.Com

So what exactly does the Wells Fargo email exposed by the California Attorney Generals law suit say?(California VS Wells Fargo-Case #09-487641-Source Associated Press 4-23-09)

"An employee of Wells Fargo Bank's Trust Department prepared a document for trust officers entitled 'Fixed Income Update: Failed Auction Risk in the Auction Rate Preferred Market,' in November 2007. The document recommended against the purchase of auction-rate securities because of the risk of auction failures. The document was transmitted to defendants, and was also provided to a few of defendants' sales agents. Defendants' sales agents discussed the document with their counterparts at Wells Fargo Banks' Trust Department. Despite this recommendation, defendants continued to sell auction-rate securities to its investors." If you are an investor with auction rate securities sold by Wells Fargo, please call the Wall Street Fraud Watchdog at 866-714-6466, or contact the group at Http://WallStreetFraudWatchdog.com

Aside from a federal or state regulatory actually doing something for Wells Fargo Bank retail customers, who were not told about the risks involved in auction rate securities, the Wall Street Fraud Watchdog is" "demanding that all institutional auction rate securities customers get settlements as well from all the major US banks, or investment bankers involved in the auction rate securities scheme. This might mean that President Obama has his new SEC director do something with this $330 billion dollar disaster, or find someone who can. Fraud is fraud, and the taxpayers should not have to keep picking up the bar tab for the criminals on Wall Street." Translation: The group is saying, that "if a banker, an investment banker, a bond rating agency, or Wall Street brokers have cost investors, or the tax payers two cents, with their intentional criminal negligence, or fraud, they should lose everything, and they should go to jail." The Wall Street Fraud Watchdog is all about protecting investors from a greedy Wall Street. Cheated auction rate securities investors are welcome to contact the group anytime at 866-714-6466, or contact the group via its web site at Http://WallStreetFraudWatchdog.Com

The Wall Street Fraud Watchdog is saying, "somethings are worth fighting for."

PS: A note from the Wall Street Fraud Watchdog to the US mortgage banking sector, the homebuilding sector, the manufacturers of air conditioning equipment, building supply houses, President Obama, & the US Congress: "Prepare your shareholders & the US taxpayers for really bad news about imported toxic Chinese drywall. This is the absolute worst environmental disaster in US history, that has been largely ignored by Washington DC, Wall Street & the national press. We intend to change- ignore, to national outrage-at how poorly all have you have responded to this disaster." See Chinese Drywall Complaint Center at Http://ChineseDrywallComplaintCenter.Com

The Wall Street Fraud Watchdog says, "change? What a pathetic joke. And no, a $600 check from Nancy Pelosi & her do nothing pals in Congress will not fix this disaster."----"The part that gets us, is imported toxic Chinese drywall is the environmental equivalent of the King Kong version of Hurricane Katrina & you all have basically done nothing for 100,000's of completely innocent US homeowners and their families."

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THOMAS MARTIN
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