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Americas Watchdog is offering to help all victims of the auction rate securities scandal. The group has termed the auction rate securities debacle, "the single worst case of fraud in US history". Why is this the biggest case of fraud in US history? Over 100,000 US citizens were told by their name brand US bank, a high profile Wall Street stock brokerage firm, or a financial institution that individual investors there was no risk in something called an auction rate security, they were liquid, they were just like cash". On February 14th 2008, the auctions failed, and now over 100,000 US investors are wondering if they will ever see their money again. In this case its $320 billion dollars. This represents the life savings of most victims. Victims can call Americas Watchdog anytime at 866-714-6466
(PRWEB) May 12, 2008 -- Americas Watchdog is offering to help all victims of the auction rate securities scandal for free? Why is this a scandal? Over 100,000 US citizens were told by their name brand US bank, a high profile Wall Street stock brokerage firm, or a financial institution that individual investors should cash in their CD's or money market accounts, because there was no risk in something called an auction rate securities. The victims were also told auction rate preferred shares or auction rate shares investments were safe, they were liquid, etc. On February 14th 2008, the auctions failed, and now over 100,000 US investors are wondering if they will ever see their money again. According to Americas Watchdog, "this is the single worst case of fraud in US history. We want to hear from every victim at 866-714-6466" so we can try to help them".
To further illustrate why this was fraud: according to the New York Times, the big US banks, the big stock brokerage firms and the big financial institutions advised their institutional clients to get out of auction rate preferred shares (ARPS) or auction rate shares (ARS) over a year ago. The big US banks, name brand stock brokers and financial institutions then proceeded to fill in the void left by the big investors, with little mom & pop investors who trusted the bank, stock broker or financial institution come on lines, "its just like cash, there is no risk, you have no worries, you can get your money anytime". According to Americas Watchdog, "it was one big fat lie and it was fraud. These were never safe, these were never liquid, it was a game of old maid, & now tens of thousands of US consumers are stuck with nothing, and dim to no prospects for a future with their money". Victims of the auction rate securities scandal can call Americas Watchdog anytime at 866-714-6466. Their web site is at Http://ARSWatchdog.Com
So what should any individual involved in the auction rate preferred shares (ARPS) or auction rate shares (ARS) scandal do?
According to Americas Watchdog, "we want every victim to call us because they need to start making smart choices to protect themselves and we want to tell them everything we know". Starting with":
Americas Watchdog & their Auction Rate Securities Complaint Center is recommending that most auction rate shares or auction rate preferred shares victim talk with an arbitration law firm that has a specialty in securities law. The group can makes some very good suggestions.
Important Note: Some personal injury type law firms with no securities experience are now creating web sites that say they can help victims with auction rate securities legal issues. If a consumer who was defrauded with auction rate securities (ARPS or ARS) wants to know who to call Americas Watchdog can make some recommendations.
Americas Watchdog will try to explain the secondary market to every consumer who has a auction rate security. The secondary market is a place that has been created to buy investors out of the ARPS or ARS investment. While the secondary market will involve a discounted sales price, a good portion of the discount could be made up in the arbitration process.
Americas Watchdog wants to hear from everyone who was sold auction rate preferred shares or auction rate shares in order to hear what they were told by a US bank, a name brand stock brokerage firm or a financial institution. Again a victim can call Americas Watchdog anytime at 866-714-6466 or visit their web site at Http://ARSWatchdog.Com
Another reason Americas Watchdog wants to hear from every consumer is because of so much disinformation about a miracle fix to the auction rate securities disaster. Disinformation includes, a magic fix by the SEC, state regulatory agencies fixing the problem or even all of the banks stock brokers or financial institutions giving people back all their money. According to the group, "some people have been cashed out, but we fear that's about it. Many of the investments involved in auction rate securities are so toxic that the victims may not get their money back for 20 year if at all (student loans). This is why we want victims to call us as an honest national resource in this incredibly bad situation". The groups number is 866-714-6466.
Americas Watchdog has been at the forefront of trying its best to assist all victims of the auction rate securities disaster. The group intends to continue all of its investigation and its efforts to assist all victims. According to the group,"its been nearly three months and now we really want to talk to the victims of a just like cash, safe & liquid investment that in fact was anything but safe, liquid or just like cash". Anyone who purchased an auction rate preferred shares or an auction rate preferred share should call Americas Watchdog at 866-714-6466 or visit their web site at Http://ARSWatchdog.Com
Americas Watchdog and its ARS Watchdog are all about protecting consumers in what will turn out to be the single worst case of fraud in US history.
The Federal Reserve Bank of Philadelphia released its Survey of Professional Forecasters today, which provides projections on a broad range of macroeconomic variables, including economic growth, inflation, and employment.
(Vocus/PRWEB ) May 13, 2008 -- The Federal Reserve Bank of Philadelphia released its Survey of Professional Forecasters today, which provides projections on a broad range of macroeconomic variables, including economic growth, inflation, and employment.
Panelists also responded to special questions about house prices using several measures, including the S&P/Case-Schiller home price index, the OFHEO purchase only index, and the OFHEO house price index. In addition, the panelists were asked to predict the specific quarter and year when house prices will stop declining. To see the survey results, go to: http://www.philadelphiafed.org/econ/spf/index.cfm. This web page also provides documentation, the mean and median forecasts of all the respondents, as well as the individual responses from each participant.
The Survey of Professional Forecasters is the oldest quarterly survey of macroeconomic forecasts in the United States. The survey, which began in 1968, was conducted by the American Statistical Association and the National Bureau of Economic Research. The Philadelphia Fed took over the survey in 1990. The third quarter Survey of Professional Forecasters will be released on Tuesday, August 12, 2008.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.