Posts belonging to Category Wachovia
Posted by Page PerryonNovember 22, 2010
Wall Street may face a wave of lawsuits under an expanded version of the Martin Act, New York’s securities anti-fraud statute, if the newly elected Governor of New York has his way, according to a Wall Street Journal Deal Journal blog entitled, “And the Next Mortal Threat to Wall Street Is’”.
Categories: Ameriprise, Bank of America, Barclays, Brokerage Firms, Charles Schwab, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Deutsche Bank, Fidelity, Goldman Sachs, Investment Advisers, J. P. Morgan Chase, Legg Mason, LPL Financial, Merrill Lynch, Morgan Keegan, Morgan Stanley, Oppenheimer, Raymond James, RBC Dain Raucher, Regulatory Developments, Securities, Securities America, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation, State Street, SunTrust, TD Ameritrade, UBS, Wachovia, Wells Fargo
Posted by Page PerryonNovember 6, 2010
$130 billion of retail and institutional investor money is still being held in auction rate securities over two years after the $330 billion auction rate market failed and froze, according to Daisy Maxey in her Wall Street Journal article, “Still Frozen After All These Years.” But just as the Paul Simon song modulates from gloom […]
Categories: Auction Rate Securities, Bank of America, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Deutsche Bank, J. P. Morgan Chase, Merrill Lynch, Morgan Stanley, Oppenheimer, Raymond James, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, SunTrust, UBS, Wachovia, Wells Fargo
Posted by Page PerryonOctober 14, 2010
Arbitrations filed by brokerage firms against departed brokers to collect amounts due under promissory notes have accounted for 17% of all FINRA arbitration awards in 2010, the highest percentage in a decade, according to the Financial Industry Regulatory Authority (FINRA) and a recent Wall Street Journal article by Aaron Lucchetti (“Signing Bonuses Haunt Wall Street”).
Categories: Bank of America, Brokerage Firms, Citigroup/Smith Barney, Employment Issues, J. P. Morgan Chase, Merrill Lynch, Morgan Stanley, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS, Wachovia, Wells Fargo
Posted by Page PerryonOctober 5, 2010
Securities firms have sold over $30 billion of complex structured products to investors (often retirees seeking safe income) who do not understand the nature and risks of these securities, according to an article by Zeke Faux which was published in the October 4-10, 2010 edition of Bloomberg Businessweek under the title, “Individual Investors Duped by […]
Categories: Bank of America, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Derivatives, Elder Abuses, Investment Advisers, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Regulatory Developments, Reverse Convertibles, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes, UBS, Wachovia, Wells Fargo
Posted by Page PerryonJuly 8, 2010
The sale of billion of dollars of Fannie Mae and Freddie Mac preferred stock in 2007 and 2008 was accomplished by fraud on unsuspecting public investors and the complicity of mortgage originators that bought the shares knowing they were poison, according to attorney and professor Seth E. Lipner in his July 7th Forbes article entitled […]
Categories: Bank of America, Bear Stearns, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Deutsche Bank, Goldman Sachs, Investment Advisers, Merrill Lynch, Morgan Stanley, Preferred Stocks, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS, Wachovia
Posted by Page PerryonJune 11, 2010
Merrill Lynch and other Wall Street firms sold the riskiest tranches of collateralized debt obligations (“CDOs”), not just to institutions, but to individual investors, as safe investments, according to a recent Wall Street Journal article by Dan Fitzgerald titled “Didn’t See Risk, and Got Stung.” Now that the CDOs have imploded, and investors are seeking […]
Categories: Bank of America, Bear Stearns, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Derivatives, Deutsche Bank, Goldman Sachs, Investment Advisers, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Keegan, Morgan Stanley, Mortgage Securities & Collateralized Debt Obligation Problems, Oppenheimer, Raymond James, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, State Street, Structured Notes, UBS, Wachovia
Posted by Page PerryonJune 11, 2010
According to a recent article in the Atlanta Journal Constitution, “at least a dozen local governments and other institutions that used derivative deals called swaps to try to lower the cost of bond issues have ended up owing as much as $394 million in fees to the Wall Street investment banks that set up the […]
Categories: Bank of America, Bear Stearns, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Derivatives, Deutsche Bank, Goldman Sachs, Investment Advisers, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Mortgage Securities & Collateralized Debt Obligation Problems, Oppenheimer, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes, UBS, Wachovia
Posted by Page PerryonJune 5, 2010
In “Paying a price for risky schemes,” Atlanta Journal Constitution reporter Russell Grantham presents an excellent overview of how at least a dozen metro governments and nonprofits that issued debt were whipsawed by the “shadow banking system” ? the freezing of the auction rate securities markets and complex derivative contracts called swaps. As a result, […]
Categories: Auction Rate Securities, Bank of America, Bear Stearns, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Derivatives, Deutsche Bank, Goldman Sachs, Investment Advisers, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Mortgage Securities & Collateralized Debt Obligation Problems, Municipal Bonds, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes, UBS, Wachovia
Posted by Page PerryonApril 20, 2010
Paulson, the hedge fund manager who shorted the Goldman Sachs CDO that is the subject of the SEC’s enforcement action, and the other “shorts” were “driven by disgust and indignation ‘ against Wall Street and its corrupt system designed to generate undeserved bonuses,” according to USAToday’s article entitled “Goldman case shows what’s the matter with […]
Categories: Bank of America, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Derivatives, Deutsche Bank, Goldman Sachs, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Mortgage Securities & Collateralized Debt Obligation Problems, Regulatory Developments, Securities, UBS, Wachovia, Wells Fargo
Posted by Page PerryonApril 12, 2010
Bloomberg writer Mark Gilbert says that the trouble with collateralized debt obligations (CDOs), which slice bundles of asset-backed securities into different risk-reward classes, is that no one has a clear idea of how risky any given slice is or any sense of how to quantify and value that risk.
Categories: Bank of America, Bear Stearns, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Derivatives, Deutsche Bank, Goldman Sachs, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS, Wachovia, Wells Fargo