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Doral Financial Corp. Message Board

  • rispleen rispleen Mar 21, 2007 9:20 PM Flag

    Fidelity hasn't brokered Doral CDs

    for at least a couple of weeks. It probably figured out that it might have huge conflict problems given the fact that it is a major shareholder of DRL. It's refreshing that Fidelity, which tries to portray itself as a conservative firm, is finally acting conservately in the better interest of its retail customers. However, the shit will ultimately hit the fan, and Fidelity might have problems.

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    • That's because Doral isn't issuing any more brokered CDs this month. Their last deal - which closed today was indeed sold by Fidelity Brokerage Services.

      I would also note that FMR Corp owns Indymac, CFC and a significant amount of FBP and Fidelity Brokerage Services (THE TWO ARE COMPLETELY SEPARATE COMPANIES) is currently brokering CDs for all three thrifts.

      There is absolutely no connection or conflict of interest BTN FMR either owning or not owning and stock in any thrift or financial holding company and whether Fidelity Brokerage Services LTD brokers CDs for the thrift.

      You make it sound as if this is something unique or there is an ethical issue - there is not. There is no connection between what stock Joel Tillinghast (manager of the FMR Low Priced Stock Fund) and what CDs Fidelity Brokerage Services sells.

      FMR is also one of the largest holders of GMAC debt and Fidelity Brokerage Services is actively selling GMAC Bank CDs - OMG conflict of interest! You're nuts.

      Watch out for the Boogey Man in your closet each night - He's watching you!

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