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Editor's Choice for April 2
Sadly, this means it will continue to be nearly impossible to really see and value the securities held by financial firms, making it impossible to accurately value the firms, and requiring investors to make their own haircut to discount the continued lack of transparency--if the marks continue to be mark-to-myth, or mark-to-imagination. See FASB's March 17 statement. Part of the issue is if these are truly marked to the distressed levels that they'd trade at now, prices may well be lower than what's actually been carried, and require added capital for banks--but from where? More on this, from Wharton.
He's not joking: On April 1, Massachusetts Secretary of State William Galvin charged the Madoff feeder fund Fairfield Greenwich with fraud. Here are the links to the complaints and exhibits.
About the Author
Kathleen McBride, AdvisorOne
Kathleen M. McBride, AIF ® is the Wealth Editor in Chief at AdvisorOne.com and was Editor in Chief at Wealth Manager, and Wealth ManagerWeb.com, (now part of AdvisorOne.com). She was Senior Editor at Investment Advisor. She has worked in journalism on-air, in print, and on the Web. She is a founder of The Committee for the Fiduciary Standard, working to ensure that investors have access to financial advice that is in their best interests.
After beginning her career on Wall Street as a broker, bond trader and then an investment advisor at a major bank, she ran new-media startups and developed interactive financial content with major media companies. McBride holds a BA from New York University and has completed the Investment Strategies and Portfolio Management program at The Wharton School of The University of Pennsylvania. She is an Accredited Investment Fiduciary with the Center for Fiduciary Studies.
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