The Wall Street Fraud Watchdog is describing the $330 billion auction rate securities debacle as the worst single case of fraud in US history, and is demanding that state attorney generals do something about this gigantic problem, for victims whose life savings are still at risk. According to the group, "How does New York, Massachusetts, and Missouri look the other way on institutions like Wells Fargo Bank, Oppenheimer and others, who sold these cash equivalent type products to thousands of unsuspecting US citizens as just like cash and 100% safe? How does that work?" Because of the auction rate securities "con job," the Wall Street Fraud Watchdog is now warning all US investors to avoid any Wall Street cash equivalent investment products, unless the stock broker or bank investment advisor is willing to put in writing the investment is 100% safe & liquid. Victims of the auction rate securities disaster can call the Wall Street Fraud Watchdog anytime at 866-714-6466 or visit their Web site at http://WallStreetFraudwatchdog.com.
(PRWEB) November 24, 2008 -- The Wall Street Fraud Watchdog is the premier private Wall Street investor advocate in the world. For nearly nine months the group has been pressuring state attorney generals to force settlements out of stock brokerage firms, investment bankers and US banks that sold auction rate securities to 145,000 unsuspecting US consumers and 1,000's of businesses, or organizations. While some of the larger sellers of auction rate securities have agreed to at least a retail customer settlements, scores of banks and or stock brokerage firms have yet to do anything. According to the Wall Street Fraud Watchdog, "We think banks or stock brokerage firms are just hoping the auction rate securities mess will simply go away, given the current carnage on Wall Street. Unfortunately for banks like Wells Fargo, Oppenheimer, and numerous other banks or stock brokerage firms, we are not going away, and we will continue to demand refunds for the tens of thousands, who have yet to receive a settlement on the auction rate securities 'con job'." Investors who were cheated in the auction rate securities scandal are welcome to 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 now warning all US or international investors to steer clear of Wall Street investments called "cash equivalents" unless the bank investment advisor, or stock broker can verify the investment is 100% safe in writing. The group is also warning that all US investors and international investors should steer clear of the US tax free municipal market, unless the bank investment advisor or stock broker will put in writing the investment is 100% safe. The Wall Street Fraud Watchdog's concern about the 2009 US municipal market is that with huge shortfalls in city, county or state property tax revenues, tax free municipal investment products will go into default, or will simply fail.
The group is also, in the strongest terms possible, advising all US consumers to evaluate their 401-K's & mutual funds & consider getting out of mutual funds that have a heavy exposure to US banks, investment bankers, home builders, REIT's or retail. According to the Wall Street Fraud Watchdog, "2009 is going to be a brutal year for these sectors, so you might consider cutting your losses, and get into safe sectors like energy, pharmaceuticals or other safer sectors. We think mutual fund managers have been beyond negligent, in the manner they have structured most US mutual funds. We are going after them next."
The group is also warning all investors to stay away from US residential real estate in 2009, as well as anytype of commercial US real estate. According to the group,"2009 will be a brutal year for the real estate markets of the US, Western Europe, Russia & China. If you want a safe place to park your money, buy US treasuries."
The Wall Street Fraud Watchdog has current investigations of the following:
- Any investor, business, or organization that has yet to receive a settlement from their now frozen investment in auction rate securities also known as ARS, ARPS, SLARS, can call the Wall Street Fraud Watchdog anytime at 866-714-6466.
- Any investor who purchased the now devalued Schwab Yield Plus can call the Wall Street Fraud Watchdog anytime at 866-714-6466.
- Any investor who purchased a product from TD AMERITRADE called Reserve Yield Plus can call the Wall Street Fraud Watchdog anytime at 866-714-6466.
- Any investor who purchased any failed cash equivalent from a US stock brokerage firm, or US bank investment advisor can call the Wall Street Fraud Watchdog anytime at 866-714-6466.
The Wall Street Fraud Watchdog is all about investor protection and honesty and transparency on Wall Street. According to the group,"Currently Wall Street looks 6 minutes out. On the other hand, we are looking 12 to 24 months out. Since 2005 our predictions have been 100% accurate about the demise of the US economy because of Wall Street greed."
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