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When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
May 2nd 2008 9:30AM Eaton Vanced Call Redemption at UBS
_________
UBS posted one redemption on my account over-night:
05/01/08 CALL REDEMPTION EATON VANCE FLOATING RATE INCOME TRUST W7 -2.000 $50,000.00
This is out of $650K via their lottery. I was notified this was coming by my FA a week ago. No word on additional redemptions, but it's a start.
A 'word' on why I believe the activity and enthusiasm on this blog has decreased...much to the loss of everyone who used to post critical and valid information. It's because certain individuals have pretty much hijacked this venue as their personal emotional diary . Their poor language shows a lack of respect for everyone else and has run off most of the people who had the ability to help those with less access to inside knowledge.
Obviously those who are part of the problem are unaware and still ranting and those who no longer post or read the blog have moved on.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 24th 2008 11:49AM GOOD NEWS!!!!!!!
Just got a call from my broker at UBS and I'm on the list he just got for redeeming 75% of my position in EATON VANCE SENIOR FLTG RT TR MON 7-DAY SER B AUCT PFD 3.638%. $75,000 out of $100,000 on just that one. I have six. Same amount on another Eaton Vance, and we think a partial 25% on an ING ARS.
Anyway, it's good news because it was Eaton Vance who is saying which account and how much is being redeemed, not UBS or the broker. That IS good news anyway you look at it because UBS is NOT controlling who gets how much. It's being spread around, but it has started. YES!!
Date of redemption: May 3 and 6th so far.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 18th 2008 8:49PM PLEASE KEEP THIS BLOG ON SUBJECT
Some of the people who are watching this blog may be scared or turned off by the 'humor' and raw statements being posted. We need to keep the blog topics appropriate to the seriousness of the problem all of us are facing. We need to keep every single person who can help with this ARS problem.
We know this blog is being watched by the SEC, lawyers, news reporters and we need to be very careful how and what we say.
Please stay on subject, think before you post, and remember you never know who is watching or copying what you say!
Every word typed here is preserved indefinitely on www.archive.org.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 18th 2008 8:11AM BINGO! WE MADE THE FRONT PAGE OF THE MONEY SECTION USA-TODAY! Friday the 18th.
The story is in the right hand column on the front page of the Money section.
"STATES LOOK INTO NICHE OF BOND BUSINESS
Auction-rate market failure creates big losses", by Matt Krantz.
Also, there are multiple articles that the govenment is all up in arms about student loans and how the markets have failed.
Someone is paying attention to our efforts. Finally.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 16th 2008 8:06PM More on...SEC response to on-line filed complaint
I checked to see exactly when I filed the SEC complaint and it was on 3/21/2008 and the interview call was today 4/16/2008. My complaint was very detailed with a list of all the ARS instruments and amounts involved and conversations I had with my broker. I also included the following final paragraph:
"I will supply documentation and testify to any and all of the above as required and I am able to travel if necessary to do so."
Apparently they are in need of published documentation by the brokerages, which is hard to get people to supply. The attorney said she wanted to know if I had been advised by UBS BEFORE the ARS information was published in the news. In my case I was not. I found out over lunch with my broker that my cash was 'frozen' and then went home and started searching the internet and found out exactly what was happening. This is the kind of information the SEC is interested in hearing about. They need DETAILS...DOCUMENTS!
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 16th 2008 6:52PM SEC attorney interview
I received a call from an attorney at the SEC today and was interviewed at length regarding the complaint I filed on-line a couple of weeks ago. I was very impressed with the line of questions and request for documents regarding my experience with UBS...what they knew, when they knew it, etc.
The attorney told me they are being inundated with reports about this situation and are responding to all complaints. They ARE reading the various reports in the news and are aware of this blog. We discussed how many people are just now becoming aware of the ARS instruments which their brokers placed in their accounts. MOST OF THE COMPLAINTS HAVE BEEN FILED BY MEN!!! Given the number of women who are involved on this blog, why arn't more women filing complaints with the SEC?
Please...file complaints on-line with the SEC. Just google SEC if you can't find the site and fill out the form to file the complaint. Make sure you list the actual ARS you were place in with details.
Here is the link I used: https://tts.sec.gov/acts-ics/WEB-INF/html/complaint-confirm.jsp
COMPLAIN TO THE SEC...they care and want to hear from eveyone who was involved. Do it!
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 12th 2008 5:06PM For those who wanted a major journalist to be personally involved here it is... The current issue of Smart Money has a two page article on ARS by James B. Stewart. Page 46, May 2008.
This guy got nailed too. He is pretty cool about it, but you can tell he's seething deep down. His column on-line runs on every Tuesday at www.smartmoney.com if anyone wants to contact him. I don't think he has found this blog yet. Might be a good time for everyone to email Mr. Stewart with condolences.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 4th 2008 10:31PM Racoon:
Respectfully, the rant and rage postings may make one feel better, but they are degrading the quality of this important blog. You are single handedly running off many of the very people we need to help us. Please...enough is enough. This kind of behavior is single handedly destroying this resource. If that is your intention, keep posting!
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 4th 2008 2:39PM UBS BREAK-UP CALLED FOR TODAY!
7 HOURS AGO:
http://ukpress.google.com/article/ALeqM5j8UgVIhxz5Zt9ccFMkJmF-ugic-w
FYI, I decided to move everything (mid-seven figures) from UBS to Vanguard's Brokerage Accounts and allowing them to hold even the ARS instruments.
Too many unknowns at UBS and I do not trust anything they say or do...
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 3rd 2008 7:40PM DATA TO SUPPORT A CASE IN ARBITRATION
(Copy and save this information for later use)
ARS's do NOT meet the criteria for Cash Alterntives, just the opposite of what UBS shows on their print-outs.
http://www.fasb.org/ocl/2007-FSU/51245.pdf
See Page 6 of 11
Treasury Strategies
FINANCIAL ACCOUNTING STANDARDS BOARD
Comments on FAB 95-Cash and Cash Equivalents
January 2007
