Subprime Losers Blame Bear, Credit Suisse, JPM, Morgan Stanley

[robertstone]

Subprime Losers Blame Bear, Credit Suisse, JPM, Morgan Stanley

This case needs to be watched closely.

From the article: The Wall Street firms ``knowingly participated in the wrongdoing because they profited substantially, while they were not at risk on any monies loaned'' to American Business, Miller said in the complaint....

http://www.bloomberg.com/apps/news?pid=20601009&sid=avI34G5JBAjQ&refer=bond


--RS

 

[nkhoi]

April 11 (Bloomberg) -- When Buck Meyer thinks about the $300,000 he lost after he bought a subprime mortgage lender's bonds, he doesn't hesitate to denounce financial titans Bear Stearns Cos., Credit Suisse Group, JPMorgan Chase & Co. and Morgan Stanley.

Like the thousands of people who snapped up American Business Financial Services Inc.'s notes yielding 10 times the going rate on Treasury bills, Meyer had no idea that the company was on the verge of bankruptcy.

I lost 5K in buying a REIT stock yielding 15%, it went bankrupt. I didn't even know who to blame, lol.