I'm growing tired of reading the same old story over and over again....So here's another old story about a fellow who stands on a street corner every day waving his arms and uttering strange cries. A cop goes up to him one day and asks what it’s all about. “I’m keeping giraffes away”, the fellow explains. “But we’ve never had any giraffes around here”, says the cop. “Doing a good job ain’t I?” says the fellow!
Here are the fellow’s posts in the past year……
July 2o1o: Oppenheimer treated its Auction rate clients worse than any other broker out there. They should be ashamed, and anyone should be cautious giving their money to them.
June 2010: They still owe hundreds of millions of dollars to clients that they fraudulently stuck in Auction Rate Securities over two years ago
May 2010: See post about how they really screwed their clients for the past two years
Feb 2010: Oppenheimer agreed to give $25,000 back to client accounts with under $1 million stuck in ARS. Pure PR play by Cuomo and Oppenheimer. What criminals.
Jan 2010: He and his firm put thousands of clients into millions of dollars of Auction Rate Securities by telling them it was as good as cash. Now those people are screwed, with Oppenheimer stonewalling them…
Dec 2009: They are being threatened with losing their license there, because of fraudulently selling Auction rate securites as cash equivalents.
July 2009: Maybe they can raise a billion (yeah, right) and pay back their clients they fraudulently sold into Auction Rate Securities.
June 2009: There's around $900 million that OPY is holding frozen of ARS right now. It was sold to clients as Cash Equivalents, so to say they have no responsibility is pushing it.
When I first started laying out the Zurich Axioms on this board…I used real life examples from OPY, its analysts, upper management and the overall markets. I was trying to mimic Max Gunther’s approach to proving the axioms are valid. Only difference: I was using mostly current events rather than old stories told by my father. But if you study my posts with the diligence they deserve, you will find one particular post that I find real fun.
In the Fourth Axiom, Max Gunther writes about forecasts and prophecies…
He mentions Nostradamus and his indirect, mystical language. Trying to convey this phenomenon, on March 31st, I posted this:
“Studying the patterns today I noticed a similar set of jiggles and wiggles...do these jiggles and wiggles translate to an attempt to end the beginning of a sharp drop?
in a related cryptic question: why is it legal in NY to pump your own gas but illegal in NJ?”
This indirect, mystical and cryptic post could have easily been characterized as the new age of prophecy….because 20 days later we had the BP oil spill…it is legal to pump gas in the Gulf but illegal in other parts of the country…combine that with the sharp drop and voila!
Of course my cryptic questions were nothing more than “dense gibberish”…..accurately conveying what Max Gunther is talking about in his book!
I am taking a short hiatus…will post again in a couple of months…