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Citigroup buyback in auction-rate securities deal...

By falkie2008 on | From falkie2008.blogspot.com
I noticed with interest that Citigroup is in negotiations with NY state & Federal regulators about its possible wrongdoing in the auction-rate securities market. Citigroup may have to buy back billions of dollars of securities from investors and pay a sizeable fine. Amazingly, Citigroup is considering HIRING Schwartz, the former head of Bear Stearns ! Maybe Citi is going to offer a new course at NYU or Columbia this fall, how NOT to run a big Wall Street firm. Or maybe, how * I * lost...Read Full Story

Auction Rate Securities: How to Avoid the Wall Street Product Machine

By scooie on | From jutiagroup.com
Wall Street is a product machine. They are always devising new “packages” to sell their customers. A basic word of advice I can never share enough with new and seasoned investors alike is: “Know what you are buying.” This hit me again last week. Major brokerage firms settled class action suits with clients who bought a “risk-free” product called “auction rate securities.” Until February, auction rate securities had been a place investors could pocket a slightly higher yield without, they...Read Full Story

Auction rate securities: the crash you didn't hear about

By marykittneel on | From marykittneel.blogspot.com
In this morning's Tennessean , there was a teeny little two column-inch piece (so tiny they didn't put it on their website, so I can't link to it) about securities regulators from several states raiding Wachovia's headquarters in St. Louis over "the collapse of the $330 billion auction rate securities market." "Hmm," I thought. "That sounds really interesting. I wonder what an auction rate security is." It turns out that the story is much bigger, it's just that with all the chatter about...Read Full Story

UBS sued for fraud- complaint in the Billions

By gblass on | From chisblassternardone.blogspot.com
NEW YORK (CNNMoney.com) -- New York State Attorney General Andrew Cuomo Thursday brought a multi-billion dollar civil lawsuit against the Swiss banking giant UBS for allegedly pushing everyday investors into buying troubled auction-rate securities. The lawsuit charges UBS ( UBS ) with falsely marketing and selling auction-rate securities as safe, cash-equivalent investments at a time when the market for these securities was under severe strain. "Today we bring the first nationwide lawsuit...Read Full Story

Citigroup coughs up restitution for auction rate securities debacle

By marykittneel on | From marykittneel.blogspot.com
Wall Street is a little hung over after yesterday's rapturous climb. The Dow Jones Industrial Average is down about 169 points at midday, which is still ahead of two days ago, so that's good. Oil is going for something like $118 a barrel. That would have sounded like insanity a year or 18 months ago, but today, it feels like a relief. Forbes blames the financial malaise on two things: people not buying stuff, because they can no longer afford to; and the forecast wave of regular mortgage (as...Read Full Story
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Auto Dealer Places Winning Bid on ADESA Motorcycle Auction at NADA Convention
Funds to benefit NADA Foundation program in support of the Wounded Veterans Initiative of Canine Companions LAS VEGAS, Feb. 10, 2012 /PRNewswire-USNewswire/ -- Massachusetts new-car dealer Barry Lundgren took home a 2010 Harley-Davidson Softail Deluxe FLSTN thanks to his...  
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Auto Dealer Places Winning Bid on ADESA Motorcycle Auction at NADA Convention...
LAS VEGAS, Feb. 10, 2012 /PRNewswire-USNewswire/ -- Massachusetts new-car dealer Barry Lundgren took ... but was moved by [injured military veteran] Bren Denney's story and the impact his dog, Stefano, has had on his life," added Lundgren, who was in ...  
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ADESA to Auction Harley at NADA Convention to Benefit Wounded Veterans...
LAS VEGAS, Feb. 2, 2012 /PRNewswire-USNewswire/ -- ADESA will auction a 2010 Harley-Davidson Softail Deluxe FLSTN during the National Automobile Dealers Association (NADA) Convention and Expo in Las Vegas. (Logo: http://photos.prnewswire.com/prnh/20120104/DC30041LOGO) The auction...  
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NAAA and NADA Extend AuctionNet Partnership Through 2016
Jan. 19, 2012 /PRNewswire-USNewswire/ -- The National Automobile Dealers ... United States and includes all reported auction sales from Manheim and ADESA. "We're proud to provide data from so many auctions, including Manheim and ADESA, in making this ...  
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ADESA Phoenix Hosts 2nd Legendary Sales Week in Partnership with Barrett...
The event — scheduled for Jan. 15–22 — also coincides with the 41st annual Barret-Jackson Collector Car Auction. And attendees of The ADESA Phoenix Legendary Sales Week will also have the opportunity to be a VIP guest of ADESA Phoenix at ...  
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For sale: Hearse that carried John F. Kennedy's body in Dallas
An auto auction company in Scottsdale, Ariz., plans to sell a 1964 Cadillac hearse that company executives say transported the body of President Kennedy after he was assassinated in Dallas. The car was used to take the body from Parkland Memorial Hospital to Love Field Airport, where Air Force One was waiting to return it to Washington.  
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ADESA Bolsters Market Guide with AuctionPipeline Data
“I’m pleased to partner with AuctionPipeline to include their data in our wholesale vehicle averages.” Not only is this data available in the AMG, it can also be tapped into through the Auction Pipeline PAR vehicle valuation resourc  
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