• 25 Mar 2009 at 9:16 AM

Canucks Would Like Some American Taxpayer Money, Too, Please

By Bess Levin

Yes, Oppenheimer. YES.

Oppenheimer & Co.’s Canadian parent said it may seek money from the U.S. government’s financial- bailout programs to repay brokerage customers facing losses on frozen auction-rate securities.
Oppenheimer Holdings Inc., based in Toronto, asked shareholders to approve an incorporation switch to Delaware, which would make the firm more likely to qualify for the rescue funds, according to a March 13 proxy statement. Money from the Treasury’s Troubled Asset Relief Program “could assist us” in repurchasing securities from clients trapped when the $330 billion auction-rate market seized up, the company said in the filing.
“It takes your breath away,” Anthony Sanders, a finance professor at Arizona State University, said in an interview. “We’re going to ask taxpayers, the people who got hurt by these securities, to pay for buying them back.”

Oppenheimer May Seek TARP Funds to Repay Auction-Rate Clients [Bloomberg]

Comments (10)

  1. 1
    Posted by guest | March 25, 2009 at 9:27 AM

    Unbelievable!!! What will Bud Lowenthal and his minions think of next to keep that shit show afloat???
    Bud – Try making restitution to clients with YOUR money not with taxpayer money!! We have better things to spend it on than OPCO!!

  2. 2
    Posted by guest | March 25, 2009 at 9:31 AM

    In my opinion, this would be the final nail in Bud’s coffin.
    They would owe more money than they are capitalized for. Maybe Meredith saw the writing on the wall…

  3. 3
    Posted by guest | March 25, 2009 at 9:31 AM

    Would you guys like cash or check?
    Sincerely,
    John Q Taxpayer

  4. 4
    Posted by guest | March 25, 2009 at 9:48 AM

    let’s run a story on this and why flaming mob mentality is dangerous (EP?):
    http://www.bloomberg.com/apps/news?pid=20601102&sid=a9yqAyyLpEOo&refer=uk

  5. 5
    Posted by guest | March 25, 2009 at 9:56 AM

    @4 So are you suggesting we start a Fight Club with Bud – but without telling him about Fight Club?

  6. 6
    Posted by EricM | March 25, 2009 at 9:57 AM

    Shouldn’t they hit up the Chancellor of the Exchequer? Unless, of course, they’d prefer divorcing that Windsor woman and start paying tribute this way.

  7. 7
    Posted by guest | March 25, 2009 at 10:03 AM

    HEED! PANCE! NOW!!!

  8. 8
    Posted by guest | March 25, 2009 at 10:16 AM

    Look at the size of his heeed. Its like and orange on a toothpick

  9. 9
    Posted by guest | March 25, 2009 at 10:20 AM

    Would this pass? Wouldn’t this destroy any firm with retail clients?
    http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090324/REG/903249956/1022/ONLINENEWS

  10. 10
    Posted by guest | March 25, 2009 at 10:26 AM

    Oh go and crlie on that enoorlmous pillow of yours!

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