Curiosity got the best of me and I wanted to find out how the three examples cited performed since their IPO. I also wanted to know what their underwriters thought of them and what they think of them now. Pac-West Telecomm This company went public at $10 and closed the first day at $18.44. The […]
What truly amazes me about the effort put forth by regulators and the New York crusader Eliot Spitzer over the past couple of years is the amount of money that these guys have been able to fleece from the big investment outfits. When contemplating and reflecting over this whole mess I have visions of the […]
We report on mutual fund scams with alarming regularity and every case we turn up is a bloody shame. However, a case that we uncovered this past month redefines the crooked, deceitful, vermin Wall Street executives that we root out every week. One of the funds happened to be the Columbia Young Investor Fund. This […]
In 1964 The Bank of England discovered that someone was stockpiling vast quantities of gold and suspected international bullion dealer Auric Goldfinger of being the man involved. The bank requested that our good friend, British agent James Bond 007, to be sent to investigate. Bond soon uncovered an audacious plan to commit “the crime of […]
More damaging information has come to light regarding that three ring circus called MCI, formerly known as WorldCom and their partners in crime KPMG and Citigroup. What makes these new details particularly irritating is the timing. Just two weeks ago the government gave MCI their “Good Housekeeping Seal of Approval.” On January 26, 2004, Almar […]
The NASD has sanctioned Metropolitan Investment Securities of Spokane, Washington, charging the firm with abusive sales practices and inadequate supervisory procedures. Metropolitan has been censured, fined $500,000, directed to make restitution to investors totaling more than $2.8 million, and ordered to maintain a special escrow account of $1 million for the next five years to […]
I received a tremendous response this past month from readers and listeners far and wide regarding our coverage of Citigroup and their deceptive and contradictory marketing schemes. This month we are going to take it a bit further. Back in September the New York Post reported that the daughter of Citigroup CEO Sandy Weill magically […]
Putnam Investments was trying to make amends on Tuesday with the investing public by cutting fees, boosting disclosure and promising to be good boys and girls from now on. Ironically, at the same time, a former employee of the company was testifying to Congress at the extent of Putnam’s malfeasance and the lengths to which […]
We have been working diligently over the past two years doing everything and anything to expose the many unscrupulous sales practices regarding annuities. The areas that we have articulated deal primarily with suitability concerns, exorbitant fees and misuse. Unfortunately, we now can add churning and burning to our list. Lynn Cowan from the Wall Street […]
The business media along with securities regulators and self-proclaimed Saint Eliot Spitzer would like all of us to believe that they have captured and convicted one of the most notorious Wall Street crooks in history, Mr. Frank Quattrone. My sentiments can be summed up in the Jack Nicholson quote, “Sell crazy somewhere else…we are all […]