BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Massachusetts not backing down on Madoff feeder fund]]>http://www.bloggingstocks.com/2009/08/16/massachusetts-not-backing-down-on-madoff-feeder-fund/http://www.bloggingstocks.com/2009/08/16/massachusetts-not-backing-down-on-madoff-feeder-fund/http://www.bloggingstocks.com/2009/08/16/massachusetts-not-backing-down-on-madoff-feeder-fund/#commentsFiled under:

Fairfield Greenwich Group is trying to play ball, but Massachusetts Secretary of State William Galvin isn't listening.

Instead, he's sending out notices to find all the investors who lost money with Fairfield as a result of its investments in Bernie Madoff's Ponzi scheme. The state does not intend to settle, though negotiations between the state and Fairfield are ongoing.

Continue reading Massachusetts not backing down on Madoff feeder fund

Massachusetts not backing down on Madoff feeder fund originally appeared on BloggingStocks on Sun, 16 Aug 2009 15:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>beacon hillbernard madoffbernie madoffbostonboston massachusettsinthenewsmadoffmadoff securitiesmadoffscandalmassachusettssecretary of statewilliam galvinWilliamGalvinSun, 16 Aug 2009 15:10:00 EST<![CDATA[Memo to Obama: Mary Schapiro is not 'change' at the SEC]]>http://www.bloggingstocks.com/2008/12/18/memo-to-obama-mary-schapiro-is-not-change-at-th/http://www.bloggingstocks.com/2008/12/18/memo-to-obama-mary-schapiro-is-not-change-at-th/http://www.bloggingstocks.com/2008/12/18/memo-to-obama-mary-schapiro-is-not-change-at-th/#commentsFiled under: ,

Isn't it finally time to put someone in charge of the SEC who really cares about investors?

There are many well qualified candidates. Here are a few suggestions:

William Galvin: The highly respected Secretary of the Commonwealth of Massachusetts. He has taken on the industry and recovered millions of dollars of damages for aggrieved investors.

Joe Borg: Executive Director of the Alabama Securities Commission. Mr. Borg has a stellar record of protecting the interests of investors in Alabama.

Andrew Cuomo: The Attorney General of New York. He knows the industry and has shown great tenacity in exposing the recent fraud involving Auction Rate Bonds and other misdeeds.

Mary Schapiro, who is President-elect Obama's choice, has spent her career protecting the securities industry from investors.

Continue reading Memo to Obama: Mary Schapiro is not 'change' at the SEC

Memo to Obama: Mary Schapiro is not 'change' at the SEC originally appeared on BloggingStocks on Thu, 18 Dec 2008 11:11:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Andrew CuomoAndrewCuomofeaturedfinraJoe BorgJoeBorgMary SchapiroMarySchapiroobamasecWilliam GalvinWilliamGalvinThu, 18 Dec 2008 11:11:00 EST<![CDATA[Merrill caves to Galvin on Auction Rate Securities]]>http://www.bloggingstocks.com/2008/08/21/merrill-caves-to-galvin-on-auction-rate-securities/http://www.bloggingstocks.com/2008/08/21/merrill-caves-to-galvin-on-auction-rate-securities/http://www.bloggingstocks.com/2008/08/21/merrill-caves-to-galvin-on-auction-rate-securities/#commentsFiled under: , , ,

Bloomberg News reports that Merrill Lynch & Co., Inc. (NYSE: MER) has extended its Auction Rate Securities (ARS) redemption offer in response to what I thought was pressure from New York Attorney General Andrew Cuomo who threatened to take Merrill to court. But what is interesting is that Massachusetts Secretary of State William Galvin was the one who announced the settlement.

While the politics of this intrigue me, those who held Merrill ARSs (pun intended) care about the terms of the settlement. Bloomberg reports that Merrill "will begin the buyback on October 15 for individuals, nonprofits and small business with $3 million or less on deposit. Redemptions for clients with $100 million or less start on January 15." This Merrill deal adds to the one it announced on August 7 -- a voluntary buyback of $10 billion worth of ARS. Merrill has a total of "30,000 clients who held an estimated $12 billion" according to Bloomberg.

This leaves many major ARS issuers lagging behind their peers. Here are four holdouts (with their 2007 municipal ARS issuance in parentheses):

What are they waiting for?

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.

Merrill caves to Galvin on Auction Rate Securities originally appeared on BloggingStocks on Thu, 21 Aug 2008 16:53:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>andrew cuomoAndrewCuomoauction rate securit...auction rate securitesauction rate securitiesAuctionRateSecurit...AuctionRateSecuritesAuctionRateSecuritiesbank of americaBankOfAmericagoldman sachsGoldmanSachsGSinthenewsLEHlehman brotherslehman brothers hold...LehmanBrothersLehmanBrothersHold...MERmerrill lynchmerrill lynch merMerrillLynchMerrillLynchMerrbc capitalrbc capital marketsRbcCapitalRbcCapitalMarketswilliam galvinWilliamGalvinThu, 21 Aug 2008 16:53:00 EST