Citigroup to Help Unfreeze $19.5 Billion of Auction-Rate Debt Yep, bent over and porked. Even in this country, you can't outright lie to 1000's of people and get away with it. Except on ET.
You won'thave that problem when you get older. But I think they make a cream for that. Thanks for the article. I'm going to get it to the right people. I love spreading pain back to these morons.
actually.........the lack of bids started much earlier http://www.iht.com/articles/2007/11/21/bloomberg/bxinvest.php from what i have heard, there were warning signs going back to early 2007, and when the QUANT blowup took place in August of 2008 things really started to get messy fwiw
also, fwiw, i have been told by a few institutional brokers the problems in ARP's and MARP's market are far from over. There are some very large institutions still holding size in the aforementioned mkt's. Here is a good article: http://www.businessweek.com/magazine/content/08_32/b4095000912782_page_2.htm Also here as well..... http://www.pionline.com/apps/pbcs.d...4/PRINTSUB/460971152/1031/rss01&rssfeed=rss01 "Bond fund managers â including Eaton Vance, Pioneer and Nuveen â are stepping up efforts to redeem auction-rate preferred securities for investors, choosing to incur short-term costs rather than risk long-term damage to their franchises. Noticeably absent from the redemption activity is Pacific Investment Management Co ...... Newport Beach, Calif.-based PIMCO, however, remains an exception, declining to bail out preferred shareholders in ARPS that it has issued. PIMCO has $4.3 billion in outstanding ARPS; a breakout between preferred and common shares was not available. Spokesman Mark Porterfield, when asked for comment, supplied the following statement: âPIMCO knows and understands that this is a difficult issue for some preferred shareholders, and we have been working diligently to find a solution that is consistent with our fiduciary duty to all shareholders, both common and preferred. As the subadviser to these funds, PIMCOâs role is to advise the board of the funds that alternative financing to create liquidity for the preferred must come in a form and at a price that balances the interests of the shareholders such that it does not impose unfair costs on the common shareholders"
Banks getting their lying cheating asses kicked by Cuomo and others on this. As it should be, as it had to be. They should send some of those clowns to jail for what they did to investors but we never get to see true justice these days.
http://online.wsj.com/article/SB121820203736224137.html?mod=hps_us_whats_news "UBS AG has agreed to buy back $19.4 billion in auction-rate securities from individual investors, charities and small businesses, a spokesman for Massachusetts Secretary of State William F. Galvin said Friday." ------- Where will UBS, C, and MER get the money to buy back these securities?