The 1980’s was a golden age of comedy as far as I am concerned. Movies such as Better Off Dead, Fast Times At Ridgemont High, Sixteen Candles, and A Fish Called Wanda are a few of my favorites. If one particular 1980’s comedy film encapsulates some of the things I do in my career it […]
This past month New Jersey Judge Judith Wizmur refused the request of shareholders to file a competing bankruptcy plan for Trump Hotels & Casino Resorts Inc. which eliminates the key obstacle to court confirmation of the casino company’s Chapter 11 reorganization. The denied motion would have stripped Trump Hotels of the exclusive right to propose […]
The Wall Street Swipers sure have been busy this past month. We have been working our tails off trying to keep up with all the exorbitant malfeasance. Here are a few of the stories… EDWARD JONES PULLS A FAST ONE The Edward Jones folksy advertising campaign gives me a laugh or two a week. However, […]
Federal authorities have finally announced a crackdown on brokerage firms that have been offering investors in worthless penny stocks a “once in a lifetime opportunity” to swap into blue-chip stocks if they pay a fee. We reported on this last year on the Watchdog on Wall Street Radio Show. The SEC has charged six Florida […]
“Don’t worry, Mr.& Mrs. Jones. Take out a home equity loan. Borrow the money to buy our latest IPO. You will make a fortune!” The National Association of Securities Dealers is now investigating one of the more disgusting examples of brokerage house malfeasance that I have ever seen (And I have seen a lot). What […]
Securities regulators have ordered Smith Barney to pay a $275,000 fine plus restitution for selling very high-risk commodity futures to individuals who had no business owning them, plus never disclosing the risks. Citigroup/Smith Barney is also returning $203,000 to 45 customers to whom it made the unsuitable recommendations. The funds sold were the Citigroup Diversified […]
One of the more popular punishment exercises used by parents and teachers on misbehaving children is the “Time Out.” I don’t know whether or not it works, however Wall Street regulators now seem to fancy it. Regulators are now using the “Time Out” tactic on bad boy brokerage firms. Regulators are finally starting to realize […]
My son Stephen is very fond of the children’s program Dora the Explorer. I find the show tolerable unlike some of the other programs (think purple dinosaur). My favorite character on the show is a fox named Swiper. Swiper pops up from time to time on the show, sneaking up on Dora and Friends in […]
The wild and crazy billionaire owner of the NBA’s Dallas Mavericks Mark Cuban is planning to start a hedge fund. A hedge fund that will LITERALLY gamble investors’ money! Cuban believes that gambling on slot machines, blackjack, poker, and sports holds as much promise as returns in the stock and bond markets. Cuban made $2 […]
When I first visited Rome I set off to one of its most famous attractions, The Trevi Fountain. The Trevi legend says that if you toss a coin into the fountain over your shoulder you will one day return to the eternal city. Personally, I am not much for wishing wells but rather than risk […]