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Richard Thiel, the actor who portrayed the great James Bond villain, Jaws passed away last week at the age of 74. The notion of mad villains plotting global destruction therefore was on the top of our minds when the New York Times reported on Friday that hedge funds are turning […]
Like a mad leviathan from the deep that chokes and drowns its prey, the tide of bad news keeps coming for Puerto Rico and threatens to drag the island commonwealth and its bondholders under. Indeed, Puerto Rico faces a massive fight on multiple fronts. It continues to deal with a […]
Decades ago, Wall Street and its big banks were revered and were a source of trust for ordinary investors who relied on the integrity, advice and financial guidance of these firms. Indeed, Wall Street spent a fortune creating brand names like Smith Barney and Paine Weber, advertising a tradition of […]
There’s a simple universal rule in business: “put the customer’s interests first.” Remarkably, this tried and true maxim does not apply in the world of investment recommendations to customers. In the 2008 legislation called Dodd-Frank, which followed the financial crisis, Congress authorized the Securities Exchange Commission to pass a “fiduciary […]
Conditions this summer are worsening for investors in Puerto Rico’s shaky, high risk municipal bonds. As this blog recently noted, UBS clients who invested in Puerto Rico bonds face extreme risks. The Swiss bank acknowledged as much two weeks ago when it reported it was handling $600 million in damage […]
WASHINGTON — UBS is facing more than $600 million in damage claims filed by Puerto Rico investors in closed-end bond funds, the bank said in its second quarter earnings report Tuesday. Read More
Like a boxer staggering against the ropes at the end of a 15 round, grueling fight, Puerto Rico’s economy is heading down for the count. Meanwhile, Mom and Pop investors in Puerto Rico’s debt face getting the shaft due to a new law that puts government agencies first and investors […]
Move over O.J. Simpson. It looks like the Big Wall Street Banks just got away with something close to murder. After causing $2.7 trillion in investor losses during the financial crisis, it looks like the Too Big To Fail gang will pay a paltry $100 billion collectively to resolve all […]
The worldwide asset bubble is growing to alarming proportions. Spanish bonds are hotter than at any time since George Washington was president. Manhattan real estate valuations are reaching higher than the Empire State building, and a French cable TV company you have never heard of just borrowed $11 billion, the […]
Sometimes lightning does strike twice. For the second time in less than a week, the U.S. Supreme Court dealt a blow to big business by issuing a ruling in favor of plaintiffs suing in “stock-drop” cases—this time for employees invested in company stock plans bringing class actions under ERISA. The […]