Bill Gross and Auction Rate Securities

Update April 5th, 2008This page will be consolidated with
Auction Rate Securities (ARS) Fraud ForumMarch 30, 2008 Update
Date: Sun, 30 Mar 2008 19:07:36 -0400From: XXXXXXXXc@gmail.comTo: russkyserge@hotmail.comSubject: Your ARS predicament...
Dear Sir:
I found your website in doing research into the current fiasco. Just thought you might be interested in a detail that I found.
In reading Bill Gross' free-wheeling letters, you can find a lot of clues that might really be confessional. In one previous to the "OId Maids" letter, he's rambling on about big fish and little fish he writes that "if you look around and can't tell who is the Fish, you are the Fish." FISH is the acronym for an F-class institutional level ARP that Pimco has issued - one of the illiquid holdings in the portfolio of a very worried friend of mine. Yet, there is Bill Gross, continuously being quoted by the media or commenting in the media as if he really cared.
from Bill Gross' speech on March 31st, 2003
But before I leave this topic of structural investing, let me use a poker analogy to sum up what I hope you’ve heard over the past few minutes. Warren Buffett is fond of saying that if you sit down at a poker table and you can’t look around and find the fish,then you be the fish. The same thing should apply in investing although in this day and age it would be unwise to assume that any investor,especially any institutional one, is a fish. If WAMCO, Blackrock, and other formidable bond shops be fish,then they be sharks just like PIMCO. Still from a structural standpoint, there may be marketparticipants that due to their inherent character or role that they play, provide profits to structuralinvestors taking the other side of the bet. Those fish, as I’ve been explaining over the past few minutes,are probably most easily identified as (1) the American homeowner and (2) the investorin short-term cash and money markets that requires near overnight liquidity and perpetual overnight peace of mind.These are the fish that our “Bonds +” and volatility sales programs depend upon and which form the schoolsof structural plankton upon which mighty whales depend.
SincerelyRXXX XXXXXXXXX

var addthis_pub = 'Serge_Oprano';

Auction Rates Securities - Bill Gross opinion
There is no more respected and feared name in bonds than Bill Gross of PIMCO. PIMCO is also a company that marketed a number of preferred securities of closed end funds.
Just digest what he said (excerpt from another website) and it should make you realize that all these companies, Nuveen, Blackrock, Eaton Vance etc. knew what their market was and they did what they had to do to sell the preferreds to the public and the financial advisers bought into it hook, line and sinker.
"Bill Gross, manager of the world's biggest bond fund, said auction-rate preferred securities, even those sold by his own company, are the latest "old maid'' card to be foisted on investors."
"And so the game goes on and on,'' said Gross, chief investment officer at Pacific Investment Management Co. in Newport Beach, California. "
"Its most recent twist involves an asset class known as auction-rate preferred stock and the astounding revelation that its holders didn't even know they were playing cards to begin with.''
"Old Maid is a child's card game in which the objective is to avoid holding the card of the old maid at the end and being declared the loser."
" Investors should have thought twice about'' about buying preferred auction-rate securities, including those sold by Pimco, Gross wrote in a follow up e-mail."
The lawsuits should and I strongly suspect will be targeting these companies that created and marketed the preferred securities. These things were knowingly misrepresented and negligently marketed to the unsuspecting public. They could be looking at significant damage awards.
I maintain this web page to gather as much information as possible and spread the word to help other victims of this financial misrepresentation and alleged crime by the major financial institutions.
I can be reached via e-mail at russkyserge@hotmail.com
Serge Birbrair and I am not just a web page publisher, but also a victim who trusted UBS and got burnt. Do YOU want to be next?No? Don't believe everything you hear from your Financial Adviser, as they are played by the management too.
Is this the BIGGEST Financial Fraud of the 21st Century?
Auction Rates Securities victims saw this information.