Usually nothing surprises me when in comes to investment fraud, however, I actually had to do a double-take while reading a piece in this past months Investment News. The magazine reported that Waddell & Reed Financial is now looking to its 2,600 advisers to sell more proprietary (in house) mutual funds. This is according to […]
Lawyers, regulators and politicians rejoice! You are getting paid. Time for some “big pimpin” up in NYC! Class-action attorneys and politicians have been partying down like P-ditty! This past month Citigroup has agreed to pay $2 billion to settle a class action suit over its role in hawking off Enron stock and bonds. J.P. Morgan […]
We have blasted the Supreme Court this past month on the radio over the Soviet-like decision in the case of Kelo v. New London. The decision now authorizes state and local governments to use eminent domain to seize private land for private use. For example: Joe Bigshot wants to build a strip mall where you […]
The Securities and Exchange Commission has been the theoretical guardian of the financial markets for decades. One of the jobs that SEC undertakes is the collection of financial records for publicly traded companies. For the first time ever the SEC disclosed its own financial records and ironically they read like a penny stock. The Government […]
The Wall Street Journal reported that the brokerage division at Citizens Financial Group agreed to pay a $3 million fine to Massachusetts securities regulators to settle allegations that the company engaged in “unethical and dishonest conduct” in its sales of variable annuities to elderly customers on Cape Cod. We feel that “unethical and dishonest” is […]
The evil empire strikes again! Citigroup/Smith Barney once again out does themselves with their immoral creativity and ingenuity. Their ability to steal and defraud without conscience is chilling. Citigroup/Smith Barney has been ordered to pony up $208 million to settle Securities and Exchange Commission fraud charges that two of its subsidiaries profited on transfer-agency discounts […]
Things are starting to get very scary in the world of hedge funds. We have reported on many of the more spectacular blowups and rip-offs over the past few years, now as we predicted the larger “more credible” funds are starting to show some serious foundation cracks. Currently, a large number of hedge funds are […]
Move ’em on, head ’em up Head ’em up, move ’em on Move ’em on, head ’em up Rawhide Count ’em out, ride ’em in, Ride ’em in, count ’em out, Count ’em out, ride ’em in Rawhide! Keep movin’, movin’, movin’ Though they’re disapprovin’ Keep them dogies movin’ Rawhide! Don’t try to understand ’em […]
The media outlets would like you to believe that oil prices are at “RECORD HIGHS!” The fact is that when one adjusts for inflation gas cost almost 50% more in 1981 than it does today. In 1974 when the first “OIL CRISIS” hit it took 17 quadrillion BTU’s of energy to produce $1 million of […]