You Probably Haven’t Even Heard Of The Biggest Fraud Ever – And It’s Happening Right NOW
By Larry Doyle, from “www.senseoncents.com”

Bernie Madoff’s Ponzi scheme has to be the greatest fraud of all time, right? Allen Stanford is likely a distant second, correct?

Well, actually, no. Madoff has certainly reserved a special place in financial ‘hell’ for his fraud, but make no mistake, the single greatest fraud ever perpetrated on investors is the collective Wall Street enterprise that marketed and distributed Auction-Rate Securities.  The ARS market at its peak was a $330 BILLION market. Of that initial size, those on Wall Street tracking developments within the ARS market project that $165 BILLION held by thousands of retail and institutional investors REMAINS FROZEN. (more…)

By Larry Doyle. This is a reprint from Larry’s June 29 blog on www.senseoncents.com . It is a continuation of a series of articles on FINRA’s now reported involvement in the Auction Rate Securities market - and something of a shocking expose.

At first blush, I viewed the text of the Financial Industry Regulatory Authority’s (FINRA’s) 2008 Annual Report as nothing more than standard corporate fare. With the benefit of a few days to ponder FINRA’s delivery, I am actually amazed, although never surprised, by the gall of this regulatory organization. In fact, I can only describe FINRA as displaying a special type of hubris in addressing the fraud encompassing Auction-Rate Securities. (more…)

States are desperate for revenues. Now some are mulling the possibility of going after sales taxes for business conducted for clients within those states, adding yet another layer of fiscal burden for Broker Dealers and individual advisors registered in those states. David Sobel covers this developing story… (more…)

A film by Francis Bush Obama

STARRING!

The SEC as “Luca Brasi”  * Kenneth Lewis as “Carlo Rizzi” * Hank Paulson as “Sonny Corleone” *

Timothy Geitner as “Michael Corleone”   * Barney Frank as “Tom Hagen”

And introducing in his first starring role!

Ben Bernanke as “Don Corleone”

The most awaited financial movie in History is finally here! Join us as we chronicle the struggle of a group of young banksters as they work their way up the financial tree and eventually become the most powerful gang of banksters in the world. But the rise to the top is not easy and staying there is even harder… (more…)