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2008 will forever be the year that subprime mortgages and corporate scandals altered the face of Wall Street. With $800 billion in writedowns and losses the market found itself buried under the weight of the subprime crisis. Stock markets worldwide crashed by more than $30 trillion taking mega investment houses like Bear Stearns down with […]
Dec. 19, 2008 was when the settlement offer forcing UBS to repurchase auction-rate securities that it sold to investors prior to the collapse of the ARS market in February 2008 officially expired. For investors who did not participate in the repurchase program, there are still some options available, however. They can continue to hold the […]
Bear Stearns, Fannie Mae and Freddie Mac, American Insurance Group and Lehman Brothers are all example of where the opposite proved to be true. Failing to live up to the “too big to fail” Wall Street theme, many of these companies were forced to resort to government rescues in the form of multibillion-dollar bailouts to […]
On September 15, 2008 Lehman Brothers Holdings filed for bankruptcy protection, leavinf investors who previously purchased the company’s 100% Principal Protection Notes (PPNs) unprotected and at a loss. Funnily enough it was Lehman’s own marketing brochures that touted the notes as providing “100 percent principal protection.” Little did they realize that the value of the […]
In what could become just the tip of a legal iceberg for UBS, Lehman Brothers and others over sales of Lehman Principal Protection Notes, a class-action lawsuit has been filed in the United States District Court for the Southern District of New York. Among the claims that the plaintiff, Stephen P. Gott, alleges: UBS, Lehman […]