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re: How will BR/LSU/TAF handle the Stanford crisis?
Posted on 2/19/09 at 8:59 pm to Tigrus Maximus
Posted on 2/19/09 at 8:59 pm to Tigrus Maximus
slowflo -
'stanford' is a baylor finance grad correct? the level of fraud perpetrated by these clowns is huge - i'm not talking to the dollars... i'm speaking to perpetuating the scam...
I am aware a good number of persons pay little attention to their investments but every ponzi scheme I have ever heard of 'ensured' unusual high returns on seeminly risk-free deposits, e.g. certificate of deposit - greed drives a ponzi-scheme
think the adage if you're in a poker game and don't know who the sucker is... ta - fricking - da - you're the sucker
to some degree there is oil money to burn in louisiana... let's just hope that is true
'stanford' is a baylor finance grad correct? the level of fraud perpetrated by these clowns is huge - i'm not talking to the dollars... i'm speaking to perpetuating the scam...
I am aware a good number of persons pay little attention to their investments but every ponzi scheme I have ever heard of 'ensured' unusual high returns on seeminly risk-free deposits, e.g. certificate of deposit - greed drives a ponzi-scheme
think the adage if you're in a poker game and don't know who the sucker is... ta - fricking - da - you're the sucker
to some degree there is oil money to burn in louisiana... let's just hope that is true
1
Posted on 2/19/09 at 9:03 pm to TippyTiger
quote:
The SIPC will restore missing securities to eligible shareholders
i don't think those most affected were "shareholders"
Posted on 2/19/09 at 9:03 pm to TippyTiger
Really this sucks for Baton Rouge but the economy going in the tank is much worse. Everyone will have to deal with these types things for a year or two.
Stafford is not the first or last causality some will be fraud others will just be poor management.
LSU will not be at greater disadvantage than a lot of other places. Louisiana economy while not good is in much better shape than most of the country.
Stafford is not the first or last causality some will be fraud others will just be poor management.
LSU will not be at greater disadvantage than a lot of other places. Louisiana economy while not good is in much better shape than most of the country.
Posted on 2/19/09 at 9:04 pm to SlowFlowPro
they'll give them whatever securities they're entitled to. That doesn't mean that they'll guarantee the face value of the security. If it's worth zero, then investors will get a zero value piece of paper.
Posted on 2/19/09 at 9:04 pm to billfish21
quote:
to some degree there is oil money to burn in louisiana
i don't know about that anymore....at least the past 4 months or so
Posted on 2/19/09 at 9:05 pm to TippyTiger
quote:
Stafford is not the first or last causality some will be fraud others will just be poor management.
the thing is everyone will already face exposure to massive losses due to the economic/financial situation of america
this is major losses ON TOP of that
Posted on 2/19/09 at 9:07 pm to TippyTiger
Sipc insurance covers account holders just like FDIC insurance will for the Cd's that where sold up to 250,000. Some big fish will be fried but you will be shocked to find out big fish are usually told to get their money out earlier than joe blow.
Posted on 2/19/09 at 9:07 pm to LSUWEST
quote:
I am glad I manage my families $
Silly DIYer. You need some Amsterdam.
This post was edited on 2/19/09 at 9:10 pm
Posted on 2/19/09 at 9:13 pm to SlowFlowPro
You are kidding yourself if you think Louisiana has taken it on the chin like CA.,NV., or Fla.. Tell me where I can buy a house on highland road for 50 % of what it sold for in 2007.
This post was edited on 2/19/09 at 9:13 pm
Posted on 2/19/09 at 9:17 pm to TippyTiger
i never said LA was in worse shape than Cali
Posted on 2/19/09 at 9:57 pm to TippyTiger
Very true, but few BR properties also experienced the insane and over-inflated gains like many found in Vegas, LA, Miami,etc..over the last 5 to 10 years. Thus didn't need the market correction, nor was often overbuilt.
Speaking of TAF taking a possible Stanford hit, will BRAF be taking one?
Speaking of TAF taking a possible Stanford hit, will BRAF be taking one?
Posted on 2/19/09 at 10:34 pm to TippyTiger
quote:
Some big fish will be fried but you will be shocked to find out big fish are usually told to get their money out earlier than joe blow.
You need to think about losing the conventional wisdom/talking points. Did you follow the Madoff situation? Some of the richest people in the world had their accounts go to zero. NOBODY got out.
Posted on 2/19/09 at 10:57 pm to Tiger JJ
quote:
Some big fish will be fried but you will be shocked to find out big fish are usually told to get their money out earlier than joe blow.
You need to think about losing the conventional wisdom/talking points. Did you follow the Madoff situation? Some of the richest people in the world had their accounts go to zero. NOBODY got out.
Even if some did get out and thus profit, the money they withdrew can be claimed as a result of a class action suit and spread around to all investors.
Posted on 2/19/09 at 11:35 pm to Cash
Stanford, Madoff - I hope both frickers get the stonwall easter egg
Conjugal visits? Mmmm. Not that I know of. Y'know, minimum-security prison is no picnic. I have a client in there right now. He says the trick is: kick someone's arse the first day, or become someone's bitch. Then everything will be all right. W-Why do you ask, anyway?
Conjugal visits? Mmmm. Not that I know of. Y'know, minimum-security prison is no picnic. I have a client in there right now. He says the trick is: kick someone's arse the first day, or become someone's bitch. Then everything will be all right. W-Why do you ask, anyway?
Posted on 2/20/09 at 8:58 am to ironsides
Baton Rouge atty found dead in office. Stanford related?
Posted on 2/20/09 at 9:26 am to Tiger JJ
quote:
Baton Rouge atty found dead in office. Stanford related?
quote:
A defense attorney was found dead inside her office in downtown Baton Rouge early Friday morning.
Doesn't sound like Stanford related on the surface.
Posted on 2/20/09 at 9:52 am to Tiger JJ
quote:
If it's $1.7B, then I fear it could be catastrophic for the area.
Bad, yes. Catastrophic, no.
Posted on 2/20/09 at 10:02 am to SlowFlowPro
I have no sympathy for anyone who was stupid enough to think an 8% (or higher) CD was a legitimite investment.
Just like I felt no sympathy for the Enrom employees who put their life savings in the stock of one company.
That said, there are not that many people who would have put over 500,000 in these illegitimate brokered CDs, which is what the SIPC will cover (and therefore a lot of people will get their money back). As has been mentioned, a lot of the money at Stanford was in legitimate securities.
Just like I felt no sympathy for the Enrom employees who put their life savings in the stock of one company.
That said, there are not that many people who would have put over 500,000 in these illegitimate brokered CDs, which is what the SIPC will cover (and therefore a lot of people will get their money back). As has been mentioned, a lot of the money at Stanford was in legitimate securities.
This post was edited on 2/20/09 at 10:03 am
Posted on 2/20/09 at 10:14 am to JPLSU1981
quote:
That said, there are not that many people who would have put over 500,000 in these illegitimate brokered CDs, which is what the SIPC will cover (and therefore a lot of people will get their money back). As has been mentioned, a lot of the money at Stanford was in legitimate securities.
Can you go into more depth? Does the SIPC cover "offshore CDs"?
Posted on 2/20/09 at 10:23 am to Tiger JJ
quote:
Can you go into more depth? Does the SIPC cover "offshore CDs"?
I don't think that is exactly clear at this point. SIPC does not cover individual securities per se. They insure against the failure of SIPC member institutions (like Stanford). Regardless, however, I have a feeling - given the size of this fraud and the media attention given to this particular case - that even if SIPC doesn't step in that the federal government will step in to help investors recover some of their funds.
quote:
Terms of SIPC help. Customers of a failed brokerage firm get back all securities (such as stocks and bonds) that already are registered in their name or are in the process of being registered. After this first step, the firm’s remaining customer assets are then divided on a pro rata basis with funds shared in proportion to the size of claims. If sufficient funds are not available in the firm’s customer accounts to satisfy claims within these limits, the reserve funds of SIPC are used to supplement the distribution, up to a ceiling of $500,000 per customer, including a maximum of $100,000 for cash claims. Additional funds may be available to satisfy the remainder of customer claims after the cost of liquidating the brokerage firm is taken into account.
This post was edited on 2/20/09 at 10:30 am
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