Sure Bud is great!!! what a bunch of bull... from an advisor that prolly recommended auction rate securities as a cash managemet tool that is insuranced and is liquid and convinced clients that the yield on closed-end funds like AWP,AOD,DPO,EDD,VTA,HFX were to good to ignore...all IPO'd at 20 and are currently in the low double digits or even worce below 5
oh wait!!! he might be one of the advisors that decided that to accumulate assets under their PAS or PAG program was the way to go... collecting 1.5% while client portfolios were down 20 - 30%... dude I really hope your client statements didnt say cash & cash equivalents for the ARS like all other opco client statements for all the ARS bull you sold clients..... Welcome to the world of endless lawsuits
Here are 2 of shady BDs opco inherited under Bud after he left Cohen
Also, its great that his son plans to take over at some point and that he uses company resources to move personal property from his many mansions...
Short this thing its going to 5 before anything material happens
Where do I begin with this message!! First off...it's probably not prolly!! Insuranced to the best of my knowledge is not a word, I think you meant insured! As for Bud leaving "Cohen" it was Cowen! As for the 2 shady BD's it was Fahnestock and Freedom Investments, but I musts ask...why were they shady? In a world where Madoff rips off $50 billion, Lehman Brothers is gone, Bear Stearns gone, Merrill gone, Wachovia gone, along with 150 or so other banks because of poor management how is OPCO, Fahnestock,and Freedom shady!! So I have to ask....how was a discount broker like Freedom Investments who makes no recommendations to customers SHADY!!! And if we took the total amount of auction rates sold by Wall Street firms and tally up Opco's portion...it's absurd that anyone is going after Bud or Oppenheimer!!! Oh and by the way...last I checked Opco underwrote not a single one!! It was Goldman, Lehman, Citi, Merrill, Morgan, UBS etc.....that were the underwriters and leaders in the auctions. Clearly you have no clue!!
Because Bud may finally have been exposed for the terrible person that he is.
He exemplifies everything that has been wrong with our business for the last 20 years. He has never managed anyones money but his own and he viewed all of his brokers and employees as slaves on his plantation. His focus has been on his well being, his enrichment and his interests. You, his employees have always been an annoyance. Just shut up, sell this and be grateful you have a desk.
We used to be custodians of our clients money. We used to manage their assets with our focus being if we did well by them then we would do well ourselves.
But, over the last 20 years this concept has been turned on its head as brokers have been pushed into becoming asset aggregators whose compensation was tied to pushing clients assets into the hands of idiot managers who impress themselves and others with untested computer models.
Do you know what CFA stands for? "Certified F______ Arrogant".
Bud is the antithesis of what made our business a great profession. He'll get what he deserves.
But why am I wasting my time on this subject!?! I'll bet Bud and his guys never took an ethics course in college. Probably felt it was a waste of time.
LA trader, is Mr. Lowenthal a CFA? Why the quote "Do you know what CFA stands for? "Certified F______ Arrogant"."? If he is, and you have an issue with him they have an ethics investigation process and will sanction him if found in violation. Have you contacted them?
Wow, what a lot to say for such an ignorant fool. I've been working as an advisor for Bud for the last several years, and have been supported in such a generous capacity that I'm in disbelief as to what you're saying. You've obviously got a serious axe to grind, probably because you served in some secretarial capacity and happened to get overlooked for the next job up the ladder.
Because... "BOSTON, Nov 18 (Reuters) - Massachusetts' top securities regulator sued the small investment bank Oppenheimer & Co for fraud on Tuesday, accusing it of deceiving customers in its sales of auction-rate securities.
It is the first time a regulator has charged one of the handful of smaller brokers who resold ARS as safe and liquid investments at a time when the market for the securities was seizing up.
William Galvin, Massachusetts' secretary of the commonwealth, said Oppenheimer customers in Massachusetts could not access $56 million of their money when the market froze up in February. Oppenheimer & Co. is a unit of Oppenheimer Holdings Inc (OPY)."
From what already closed down fraud related small brokers did OPY get its brokers from? Might this reflect on OPY's ethics or lack thereof?
certainly seems like an overreaction!
from the press release:
-- Oppenheimer Trust and Oppenheimer Holdings have filed applications to participate in the U.S. Treasury Capital Purchase Program;
does this mean we are considering issuing equity to the fed? i am surprised by this considering the strength of OPY's balance sheet. since there is plenty of capital to move forward independently, what's the deal? anyone know?
one benefit of the selloff--->company will buy back shares at a significant discount to intrinsic value.