ARC and ARP Securities:
DID WALL STREET DEFRAUD THEIR CLIENTS OUT OF BILLIONS OVERNIGHT?
(Author’s name withheld by request)
[This expose is an exclusive publication by agreement of the law firm of Shepherd Smith Edwards & Kantas LTD LLP, however, the information and opinions stated therein are not necessarily those of the law firm or its partners.]
In the week of February 11, 2008 the 330 billion dollar “Auction Rate Securities” market seemed to collapse overnight. Suddenly some investors realized that they could not get out of their investments. Other issuers like the Port Authority of NY had to pay 20% to find takers. There was mass confusion of grand proportions. Even AAA credit not associated with the Bond insurers did not find takers.