Americas Watchdog Blasts The SEC For Their Do Nothing Approach On Auction Rate Securities & Warns About The Stock Market

According to Americas Watchdog's Wall Street Fraud Watchdog, "over a year ago the auction rate securities market was frozen, in what we consider to be the worst con job in US history, & no one has been indicted?" The group says, " these securities were sold as cash equivalents, & now thousands of US victims cannot get their money back, its been frozen & or devalued. Where is the SEC, the state regulators, & justice for the victims." Wells Fargo, Oppenheimer, E-Trade, and Raymond James have yet to refund their retail clients, "just like cash auction rate securities." While the group has no proof that these firms were involved in the actual auction rate securities swindle, involving the biggest Wall Street banks, or financial institutions, it is saying, "refund your retail clients auction rate securities money, if for no other reason, its the right thing to do." Auction rate securities victims are welcome to call the Wall Street Fraud Watchdog anytime at 866-714-6466, or contact the group via its web site at Http://WallStreetFraudWatchdog.Com

The new investigation of the Wall Street Fraud Watchdog involves US mutual funds, and the fees they charge consumers. The other aspect of the investigation will focus on greed inspired incompetence, involving mutual fund managers involved in negligence in mutual funds, that had heavy exposure to banks, retail, auto, insurance, home building, & financial sectors, when any fool would know those sectors would tank as the US, and global recessions evolved. According to the Wall Street Fraud Watchdog, "many US Citizens with 401-K retirement accounts have lost 40% to 60% of their value. Someone needs to be held accountable." For more information consumers who have lost significant amounts of value in their 401-K accounts are encouraged to call the Wall Street Fraud Watchdog at 866-714-6466, or contact them via their web site at Http://WallStreetFraudWatchdog.Com

A Special Special Note: On May 5th 2009, testifying before a congressional committee, Federal Reserve Chairman Ben Bernanke gives an update on the state of the nation's fragile economic health. While he expects "further sizable job losses" in the months ahead, Bernanke expects "economic activity to bottom out, then to turn up later this year."

According to the Wall Street Fraud Watchdog, "this is utter nonsense. As we end 2009, the US national unemployment rate will be close to 12%, retail activity will be on life support, 2009 will go down in US history as the worst year for actual foreclosures, given the introduction of ALT-A and pay option adjustable rate mortgages going bad, car sales will be flat lined--whats left filing pot holes?" The group says,"the Obama/Pelosi FDR bailouts are pathetic, that will not do much to improve the overall economic out look, or GDP. In 2011, when the Obama tax increases start to kick in, things will simply get worse. Add to this the real possibility of inflation as a result of one failed bail out after another, and we have the makings of a biblical type disaster."

"To make matters worse: Pakistan losing control of its government, & its people to the Taliban, or Al Quida, will put India in a position to strike first, or stand the chance of an unprovoked nuclear attack by lunatics, then running Pakistan's government & military. Further, Iran deploying its first atomic bomb without a preemtive strike by Israel, the US, or both, will start a costly nuclear arms race in the middle east, involving Saudi Arabia, Egypt, Syria, and other Gulf States. "If Pakistan falls, or Iran gets a bomb, start thinking about $150+ a barrel for oil, and a Middle East more polarized than ever before-Sunni versus Shiites-Israel with its finger on the trigger for good reason, and a global financial markets including Wall Street in really big trouble."

According to the Wall Street Fraud Watchdog, "now would be a really, really good time to park your money in gold, or something that will have actual worth when this disaster is all said & done. If President Obama & the US Congress really want to start stimulating the US economy-lower income taxes & capital gains taxes.You ain't FDR & this is not the 1930's."

Americas Watchdog created the Wall Street Fraud Watchdog to be the premier investor advocacy group in the world.

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Read the full story at http://www.prweb.com/releases/2009/05/prweb2393734.htm.

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