Charles Schwab denies Cuomo's fraud allegations

[ShockediSay]

Source: Reuters

Charles Schwab Corp (NasdaqGS:SCHW - News), the largest U.S. online brokerage, denied allegations by New York Attorney General Andrew Cuomo of civil fraud in its marketing and sale of Auction Rate Securities (ARS).

The Wall Street Journal earlier reported that Cuomo, as part of his investigation into the sales of ARS, told a Charles Schwab affiliate that his office is planning to sue it for civil fraud, citing an official notice sent on Friday.

His letter cites emails and testimony that allegedly show Charles Schwab & Co's brokers had little idea of what they were selling to clients and later failed to tell them the market for ARS was collapsing, according to the paper.


Read more: http://finance.yahoo.com/news/Charles-Schwab-denies-Cuomos-rb-1249315316.html?x=0&sec=topStories&pos=5&asset=&ccode=

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Yeah

We can trust Bonus Bagging Bankers and their Lobby Lawyers {whom we subsidize through tax deductions] to give it to us straight.

THEY RUINED OUR ECONOMY AND OUR FEDERAL DEFICIT WITH THEIR CORPORATE GREED AND LOBBIES !!!

When do we say enough is enough?

[McCamy Taylor]

1. If this was still Bush-Cheney, Cuomo would already be under indictment to protect the banks.

[Iowa]

2. I'm surprised anyone is still using Schwab...

That has got to be the most f*cked up organization known to man; those idiots would screw up a two-car funeral. Nobody who has any clue what they're doing would use Schwab.

[hedgehog]

3. That can't be right. Charles Schawb has these neat animated

commercials all about how they'll personally help me make good investments. They couldn't possibly be lying, could they?

[Doctor_J]

4. really? i thought they would just confess

Since the penalty for fraud is a Medal Of Freedom and some TARP money

:shrug:

[gimama]

5. f.o.b...friend o' bush. Just sayin'. (n/t)