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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 […]
In a case heavily watched by both business and investor advocates, the Supreme Court this week dealt a blow to big business in their efforts to try to get rid of investor class action lawsuits. In the Halliburton decision, decided this week, the Court preserved the continuing vitality of the […]
Employees who retire from big companies like Hewlett-Packard Co., AT&T Inc. and United Parcel Service Inc. are being fleeced by stockbrokers who induce them to roll over their 401(k) nest eggs to Individual Retirement Accounts – IRAs – and then buy investment products that pay higher commissions to the brokers, […]
Financial advisors with yield hungry clients have been pitching hedge funds and alternative investments to their retail customers. It turns out that hedge funds and “liquid alts,” as they are known, often aren’t what they are supposed to be. A hedge fund’s purpose is to maximize investor returns and eliminate […]