Posts belonging to Category Citigroup/Smith Barney
Posted by Page PerryonJanuary 24, 2012
The big four Wall Street wirehouses have lost market share since the financial crisis in part because of their role in the crisis and “customer distrust,” according to Bing Waldert, a director of Cerulli Associates Inc. (See “Wirehouse market share has shriveled since crisis,” InvestmentNews). Merrill Lynch Wealth Management, Morgan Stanley Smith Barney, UBS AG […]
Categories: Bank of America, Brokerage Firms, Citigroup/Smith Barney, Investment Advisers, Investor Alerts, Market Developments, Merrill Lynch, Morgan Stanley, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, UBS, Wachovia, Wells Fargo
Posted by Page PerryonJanuary 23, 2012
The amount of dollars at stake in FINRA securities arbitrations has grown in recent years. Of the 7,000 claims currently pending, approximately 200 involve claims of $10 million or more. “The claims coming in now are substantially larger than what we had a few years ago,” Linda Fienberg, president of FINRA Dispute Resolution, was quoted […]
Categories: Auction Rate Securities, Bank of America, Brokerage Firms, Citigroup Hedge Funds, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Fairness/Just & Equitable Conduct, Hedge Funds, Investment Advisers, Investment Malpractice, Investor Alerts, Merrill Lynch, Misrepresentation/Omission, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS, Unsuitable Recommendations
Posted by Page PerryonJanuary 17, 2012
Ordinarily, the evidence presented in a FINRA arbitration is kept “confidential” and secret from the public. That’s the way the securities industry likes it, because it really does not want the public to see the evidence against it. But in its zeal to try to overturn the largest amount ever awarded to individual investors in […]
Categories: Alternative Funds, Alternative Investments, Brokerage Firms, Citigroup Hedge Funds, Citigroup/Smith Barney, Common Securities Broker Abuses, Elder Abuses, Fairness/Just & Equitable Conduct, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Municipal Bonds, Private Investments/Reg D, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Unsuitable Recommendations
Posted by Page PerryonJanuary 10, 2012
Sixty-five years ago, the Justice Department filed an antitrust suit against 17 investment banks seeking to break them up for creating “an integrated, overall conspiracy and combination ‘ to eliminate competition and monopolize” the investment banking business. It failed. Today, the investment banking business is much larger and more profitable, and much more concentrated than […]
Categories: Bank of America, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Deutsche Bank, Goldman Sachs, Investigations, Investor Alerts, J. P. Morgan Chase, Merrill Lynch, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonDecember 12, 2011
After federal district court judge Jed Rakoff “forcefully rejected” a $285 million settlement between the SEC and Citigroup, Susan Beck bravely decided to read the prospectus for the Class V Funding III CDO at the center of the controversy, in order to see the disclosures that Citigroup says are adequate. What she found was a […]
Categories: Brokerage Firms, CDOs, Citigroup Hedge Funds, Citigroup/Smith Barney, Misrepresentation/Omission, Securities
Posted by Page PerryonNovember 28, 2011
Judge Jed S. Rakoff stunned the SEC and Citigroup by rejecting their proposed $285 million settlement of a case involving Citigroup’s sale to investors of a CDO that Citigroup allegedly “built to fail” and bet against. The judge’s decision made a dent in the SEC’s longstanding policy (“hallowed by history, but not by reason”) of […]
Categories: Alternative Investments, Brokerage Firms, CDOs, Citigroup/Smith Barney, Common Securities Broker Abuses, Derivatives, Fairness/Just & Equitable Conduct, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonNovember 17, 2011
Morgan Stanley’s motion to dismiss a class action involving “built to fail” structured products has been denied as to the fraud claims against it, and the case will go forward. The plaintiffs ? a group of Singapore retail investors ? allege that Morgan Stanley committed fraud in selling them sold them $154.7 million of Pinnacle […]
Categories: Alternative Investments, Brokerage Firms, CDOs, Citigroup/Smith Barney, Common Securities Broker Abuses, Derivatives, Fairness/Just & Equitable Conduct, Goldman Sachs, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Morgan Stanley, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes
Posted by Page PerryonNovember 16, 2011
Citigroup plans to cut 3,000 or more jobs, about 1 percent of employees, and BNP Paribas plans to cut about 1,400 jobs, or 7 percent of its employees, according to the New York Times (“Citi to Shed 1% of Its Workers; BNP Paribas Plans to Cut 7%”). The NY Times was told unofficially that one […]
Categories: Bank of America, Brokerage Firms, Citigroup/Smith Barney, Credit Suisse, Economy, Employment Issues, Investment Advisers, Jobs, Market Developments, Morgan Stanley, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS
Posted by Page PerryonNovember 15, 2011
The National Credit Union Administration (NCUA) announced that it has reached settlements with Citigroup and Deutsche Bank regarding potential claims relating to the sale of residential mortgage-backed securities to five failed wholesale credit unions. NCUA said that it is the first regulatory agency to recover losses on behalf of failed financial institutions that resulted from […]
Categories: Brokerage Firms, CDOs, Citigroup/Smith Barney, Common Securities Broker Abuses, Derivatives, Deutsche Bank, Investigations, Investment Advisers, Investor Alerts, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonNovember 14, 2011
The Securities and Exchange Commission says it has stepped up its enforcement activities during the 2011 fiscal year ended September 30, filing a record 735 enforcement actions resulting in disgorgements and penalties totaling $2.806 billion, according to InvestmentNews (“SEC sets record in crackdown on advisers, B-Ds”). It reportedly filed 146 enforcement actions against investment advisers […]
Categories: Brokerage Firms, CDOs, Citigroup/Smith Barney, Common Securities Broker Abuses, Derivatives, Goldman Sachs, Investigations, Investment Advisers, Investor Alerts, Mortgage Securities & Collateralized Debt Obligation Problems, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools