Malicious Mosquitos And Investments
Today, Citigroup was coerced by the Securities and Exchange Commission to buy back a few million dollars worth of Auction Rate Securities. These securites were sold to customers as being liquid investment vehicles, that could be sold by the customer at any time, whenever the customer needed the cash; almost like a money market account. Well, the customers have been calling Citigroup and Citigroup has been telling them that the securities can only be sold if there is a buyer willing to buy them. It has almost been as if the customers’ money has been put into a lockbox for eternity. The SEC got wind of this and put pressure on Citigroup to buy back the securities held hostage. The SEC then met with Bank of America, who were telling their customers the same thing as Citigroup. Bank of America has now agreed to buy back the ARSs that they sold to investors. Late this afternoon, Merrill Lynch volunteered to buy back their ARSs, without being coerced by the SEC. How caring of them… There may be more repurcussions from this scandal tomorrow and over the weekend.
And don’t forget about the Subprime Mortgage Crisis. California has hundreds of homes in forclosure from mortgage defaulters who were given mortgages without proof of income and no down payment. Scores of these homes have swimming pools in their backyards. These swimming pools are breeding the breed of mosquito that is capable of carrying the West Nile Virus. So now, in these ghost town desert subdivisions, there are swarms of virulent, blood sucking hellions, attacking every warm blooded mammal in site ! Nature does seem to have a sense of poetic justice doesn’t she.
You bet your arses,
I.C.