in other words, not for profits, charities, hospitals, and institutions were lied to by their bank investment advisor, or investment banker about the safety of auction rate securities.We think all involved in this should go to jail, & the banks and investment bankers should cough up the $220 billion in institutional auction rate securities, that are now frozen.
Washington, DC (PRWEB) September 21, 2009
The Wall Street Fraud Watchdog is saying, enough is enough when it comes to the Securities & Exchange Commission & the incompetence of state regulators, when it comes to the $330 billion dollar auction rate securities con job. these investments were sold to retail customers, and institutions, as just like cash, no risk, 100% safe, etc. The group is saying, there was just one slight problem,"it was a con job, auction rate securities were very risky, they were not like cash, as evidence; the market froze in February of 2008, leaving tens of thousands of completely innocent US investors, and or institutions with an investment that was no longer just like cash, or liquid. Why has no one gone to jail on this?" The group is also saying, "if Attorney General Jerry Brown of California lacks the intellect, to obtain at a minimum a retail settlement for the Wells Fargo retail customers, perhaps the State of California should turn its evidence over to Andrew Cuomo Attorney General of New York, for some quick results." Auction rate securities victims are welcome to contact 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)
"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
So what's the big deal about institutional auction rate securities investors?
According to the Wall Street Fraud Watchdog," institutional investors are supposed to do their own due diligence. There is one slight problem. As far as we are concerned the US banks, and investment bankers involved in the auction rate securities flim flam could not do due diligence, because the banks, or investment bankers were lying to their clients about the solvency of the auction rate securities market place." The group is saying, "in other words, not for profits, charities, hospitals, and institutions were lied to by their bank investment advisor, or investment banker about the safety of auction rate securities.We think all involved in this should go to jail, & the banks and investment bankers should cough up the $220 billion in institutional auction rate securities, that are now frozen." Institutional investors can call the Wall Street Fraud Watchdog anytime at 866-714-6466, or contact the group via its web site at Http://WallStreetFraudWatchdog.Com
Note To All Investors: According to the Wall Street Fraud Watchdog, "in the last three or four months we have become aware of bank investment advisors, investment bankers, and stock brokers doing cold calls to sell municipal bonds. For over a year we have been predicting the collapse of the US municipal bond market, because of the diminution of county or state sales taxes & decreased income tax revenues." The group is also saying, "that because of the Obama-Pelosi mindless & non-stop Congressional bailouts & or economic recovery schemes, the US dollar is on the verge of being worthless. We are strongly encouraging all investors to have at least 30% of your portfolio in precious metals, as a hedge against hyperinflation, which we see right around the corner for the US."