Notice noobs. Not one word about his 3244 accounts, many not only wiped out, but at a neg balance. My sources tell me these guys were huge naked shorters helping out Canadian scumbags. No apologies. This is Wall St. It's all about them.
Brookstreet Securities says closes after CMO losses
Fri Jun 22, 2007 2:16pm ET
NEW YORK, June 22 (Reuters) - Brookstreet Securities Corp., an Irvine,
California broker-dealer, closed its doors on Friday after heavy losses in
the collaterialized mortgage obligation market, terminating at least 650
independent brokers, the firm's president said.
Brookstreet President Stanley Brooks said the firm faced heavy markdowns
over the last two weeks in its CMO investments held in margin accounts and
was forced to close.
Brooks said the firm had a value of about $17 million at the end of May
which has evaporated. He said he turned down several tentative offers to
recapitalize the firm.
"I am flabbergasted," said Brooks, 59. "My life's work is gone."
This is going to expose all the warts all over. This is Cramers' swansong, as he seems to have taken the mantel of BSC apologist. Flush the toilet, and we'll start over.
