Auction Rate scandal. This is really pituful

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.
 
Quote from stock777:

Once again, I am early and often.
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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.
 
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 — including Eaton Vance, Pioneer and Nuveen — 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: “PIMCO 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, PIMCO’s 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"

 
Quote from flytiger:

You won'thave that problem when you get older. But I think they make a cream for that.
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The early needs work, but the often makes up for it.
 
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.
 
Quote from stock777:

Once again, I am early and often.


This is just NOW hitting the papers and I gave it to you in April.

You don't deserve me.
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Your right we dont so piss off then make yourself and everyone else happy
 
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