Tookit N. L'ARS

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    • Mon Apr 14th 22:18 PM | Rating: 0 0
      Commented on:
      Retail Investors Stuck Holding Auction Rate Securities
      Despite the language in the prospectus, the brokerage firms and the issuers happily perpetuated an illusion of security and weekly or monthly liquidity through their willingness to act as the bidder of last resort. That was fine while it lasted, but one major problem is that the dealers did not disclose how heavily dependent the auctions were on their participation and the other major problem is that the dealers unilaterally abandoned the market, without warning. In keeping with a time-honored tradition on Wall Street, the retail investors get fleeced. In all fairness, however, there seems to be a fairly large group of institutional investors hamstrung by this mess. Worry not, though, as the dealers will certainly do well as they collect their banking fees for issuing the debt that will hopefully soon be used to refinance the ARS.
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    • Thu Jan 17th 21:23 PM | Rating: 0 0
      Commented on:
      IAC/Interactive: Divided We Stand
      Either Sramana is a plagiarist or Justin Post, the analyst from Merrill Lynch who covers IACI, is one. The material found in this post by Sramana contains a substantial amount of material that is identical to material from Justin Post's report published earlier this month. The originator of the material is entitled to credit for the work. I intend to contact Justin to make him aware of this situation.
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