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 […]
At the conclusion of my October 31st radio show I received an e-mail with an advance copy of an article that was to be published in Barron’s magazine. The article, Hedged Bets, by Suzanne McGee proceeded to bring my blood to a slow boil. It was my fault. Saturday at 10:00 AM ET my work […]
The business press and ever useless network news has once again covered up another colossal scandal with one of their darling top advertising sponsors Citigroup/Smith Barney. The sovereign country of Japan has ordered Citigroup to shut down their financial planning offices and get out of the country. One of America’s largest brokerage firms has been […]
Fidelity Brokerage Services is being fined a $2 million fine by securities regulators to settle claims that its employees deliberately altered and destroyed branch-office records before internal inspections in 2001 and 2002. The SEC has found that Fidelity’s employee’s violated books and recordkeeping rules and the company failed to supervise employees who tampered with the […]
Merrill Lynch, Morgan Stanley and Citicorp agreed to pay $250,000 each for failing to comply with orders for them to produce documents in 20 arbitration cases. This is the largest arbitration related fine ever levied by the NASD. This is another example of how the deck is stacked against the investor when taking on the […]
Congress and the Securities and Exchange Commission are falling all over themselves trying to figure out how they are going to go about regulating the growing hedge fund industry. All of the regulatory bodies including Congress, the Securities and Exchange Commission, the National Association of Securities Dealers, and the usual Attorney Generals have failed miserably […]
More lies, greed and manipulation. That is the synopsis of a report put out by securities regulators regarding the sales practices used by sellers of variable annuities. The report painted instances of, “Deliberate deception. Sloppy paperwork. False Statements.” We have warned investors for years about the widespread improper use of annuities. Brokers love variable annuities […]
The mighty NASD strikes again! The NASD censured and sanctioned Bear Stearns, Morgan Stanley and Deutsche Bank for handing out hot IPO’s to their buddies and friends and subsequently overcharging them. Bear Stearns agreed to pay a $4.95 million fine, Deutsche was ordered to payout $5.29 million, and our old friend Morgan Stanley had to […]
Very quickly and very quietly this past month justice was handed out to the highest bidder. The winner, as usual was Citigroup. Citigroup will set aside 4.95 billion dollars for legal costs that include settling claims that it lied to investors about the real prospects of some of their investment banking clients such as, WorldCom, […]