Wall Street Fraud Watchdog Demands Settlements from the Other Auction Rate Securities Players

For nearly six months, Americas Watchdog has been demanding that major banks & stock brokerage firms involved in the auction rate securities swindle, refund US consumers money. On August 7th & 8th, Citi Group, Merrill Lynch and UBS announced settlements, that will eventually lead to the recovery of some of the $330 billion that had been lost or frozen in failed securities auctions. Now, Americas Watchdog is warning the other US banks or stock brokers involved in auction rate securities to either pay up, or get ready for a public relations disaster and tens of thousands of arbitration cases. According to Americas Watchdog, "This is still the worst case of fraud in US history, and we are not going away with just three settlements." Consumers who have been cheated by a bank or stock brokerage firm can call Americas Watchdog anytime at 866-714-6466 or visit their Wall Street Fraud Watchdog web site at http://WallStreetFraudWatchdog.com

(PRWEB) August 11, 2008 -- For nearly six months, Americas Watchdog has been attempting to assist cheated US consumers, in the failed $330 billion auction rate securities debacle. The group applauds the settlements, driven primarily by the states of Massachusetts and New York attorney generals, involving Citi Group, Merrill Lynch & UBS. However, Americas Watchdog is specifically warning other involved banks, or stock brokers to step up to the plate, and refund the money of innocent consumers now.

According to the group, "As far as we are concerned, every bank or stock brokerage firm involved in the auction rate securities fraud, is little more than a pitiful lying cockroach of a company. You call your institutions? You are nothing more than thieves, that deceived 150,000 unsuspecting US citizens out of what, in many cases was their life savings. Pay up, or we start getting specific." Cheated auction rate securities victims can call Americas Watchdog anytime at 866-714-6466 or visit their Wall Street Fraud Watchdog web site at http://WallStreetFraudWatchdog.com

According to Americas Watchdog, "There has been so much lying and deception involving auction rate securities, that we cannot believe people are not going to jail. As an example, on Friday August 8, 2008 a commentator on CNBC described auction rate securities victims as rich people."

Americas Watchdog says, "This was a pathetic lie. One only need see who advertises on CNBC, in order to gain insight into this perspective." The group says, "Most of the 2000+ individuals we have talked to in the last five-plus months have been senior citizens, or working class people, who trusted a lying stock broker or a bank investment adviser, with the words just like cash, safe, liquid, etc."

While Americas Watchdog is on the topic of expressing concern about US consumers involved with Wall Street investment schemes or investments, the group is warning of the following realities:

• "Americas Watchdog expects the VRDN market place (AKA- municipals) to collapse, because of the erosion of city, county or state tax revenues. If a consumer has these types of investments, they may not be safe."
• "Americas Watchdog expects more US bank failures, and a further US real estate market devaluation in 2009, of at least 10%. In states like California, it could be 20%. This valuation erosion has far reaching implications, that will put at risk the entire economy. Any US bank that has exposure to pay option adjustable rate mortgages, or large portfolios of second mortgages is cooked. If the second mortgage was originated before 2007, chances are, its now worthless."
• "If US consumers have Wall Street type investments, it may be a great time to park your money in a federally insured account. Auction rate securities are just the beginning, its going to get much worse, much riskier and many US consumers will lose it all."

Drill, drill, drill?
According to Americas Watchdog, "Gosh, that's what we think Wall Street investment bankers, stock brokers, banks and mortgage bankers have been doing to US consumers, and now as it turns out, the US taxpayer since 2003."

Cheated auction rate securities victims or other failed Wall Street financial scheme victims can call the Wall Street Fraud Watchdog anytime at 866-714-6466, or visit their web site at http://WallStreetFraudWatchdog.com.

The Wall Street Fraud Watchdog is all about consumer protection and ethical behavior on the part of Wall Street, stock brokerage firms, investment bankers and US banks.

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[Via Legal / Law]