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Displaying 21-26 out of 26 results for "Principal Protected Notes".

Inversionistas del Fondo Rochester de Oppenheimer Sufren Grandes Pérdidas por la Alta Concentración de Bonos Municipales de Puerto Rico

(Feb 2014)

Los inversionistas de bonos municipales de Puerto Rico sufrieron grandes pérdidas durante el año 2013. El gráfico 1 muestra un índice que abarca un amplio número de bonos municipales en los Estados Unidos (el Índice de Bonos Municipales S&P). Este gráfico también muestra un índice regional que se enfoca en bonos municipales de Puerto Rico (el Índice de Bonos Municipales puertorriqueños S&P). Entre los años 2000 y 2012, ambos índices presentaron movimientos muy similares. Sin embargo, durante...

Structured Product Based Variable Annuites are Riskier Than Advertised

(Feb 2014)

My colleagues and I have a paper in the current (Winter 2014) Journal of Retirement about structured product based variable annuities (spVAs), which are variable annuities with index-linked accounts that have a payoff similar to structured products. We have been following the market for spVAs since they were first introduced in 2010, and distributed our first working paper in 2011. Since then, three issuers have sold more than $3 billion worth of spVAs, according to a recent article in...

SEC Litigation Releases: Week in Review - February 7th, 2014

(Feb 2014)

Court of Appeals Denies Stay of Order Compelling Investigative Testimony; Affirms District Court's Exercise of Discretion
February 6, 2014, (Litigation Release No. 22920)
This week the court issued a "summary order denying Edward Daspin's motion for a stay" on a December 2013 order. This means that Daspin is required "to appear for investigative testimony in compliance with an SEC investigative subpoena" and was denied a "request that the SEC be required to pay for Daspin's physician to attend...

SEC Litigation Releases: Week in Review - January 10th, 2014

(Jan 2014)

Securities and Exchange Commission v. Diamond Foods, Inc.
January 9, 2014, (Litigation Release No. 22902)
According to the complaint, Diamond Foods, Inc. manipulated walnut costs to report "higher net income and inflated earnings to exceed analysts' estimates for fiscal quarters in 2010 and 2011." According to the complaint against Diamond's former CFO, Steven Neil, Neil "directed the effort to fraudulently underreport money paid to walnut growers." Diamond's former CEO, Michael Mendes, has...

Behringer Harvard / TIER REIT Illustrates How Non-Traded REIT Sponsors and Brokers Have Siphoned $10 Billion to $20 Billion (and Counting) From Investors

(Jan 2014)

Sponsors have issued, and brokers had sold, over $85 billion of non-traded real estate investment trusts (REITs) by the end of 2012. These investments are illiquid, high-commissioned, poorly diversified real estate investments. Despite their glaring defects another $20 billion of non-traded REITs were sold to investors in 2013.

Sponsors and brokers have siphoned off at least $20 billion from investors through their sales of non-traded REITs up through 2012. We illustrate the calculation of...

Did UBS Charge its Proprietary Puerto Rico Bond Funds Excessive Markups? Part II

(Jan 2014)

We have previously posted several blog posts about UBS Puerto Rico's collapsing closed-end municipal bond funds including: Trouble in Paradise: UBS Puerto Rico Bond Fund Investors Hit Hard, Diversification and UBS Puerto Rico Bond Fund Losses, Did UBS Charge its Proprietary Puerto Rico Bond Funds Excessive Markups? and Merry Christmas from UBS Asset Managers of Puerto Rico.

UBS has argued that since we couldn't identify which trades in the EMMA data were the UBS bond fund trades and UBS...

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