/24-7PressRelease/ - March 27, 2008 - Main Street Investor's Advocate Seeks Hold on Deal and Guarantee Pending Congressional Hearings.
Today Paul Young, founder and CEO of Securities Arbitration Group formally calls on Congress to put a halt to the deal between the two Wall Street giants to assess the fairness of the taxpayer guarantee for up to $29 Billion.
"The Main Street investor, the small business struggling to get a loan (let alone a guaranteed loan, at that) would salivate if provided the same government guarantee of 95%+," said Paul Young, founder and CEO of Securities Arbitration Group today.
Paul Young: "It is our view that transparency, basic fairness, taxpayer protection, and the confidence of the nation's financial system cry out for Congressional oversight. What kind of precedent is the guarantee setting? Will the Fed and regulators step in again in future when another financial services behemoth moves to the brink of failure? How are taxpayers assured of protection in such events? Why are small companies of all types not afforded the same forceful, quick, favorable intervention as Bear Stearns and J P Morgan Chase received? What is the rationale and the precedent being set by the government now directly for the first time lending money to the top 20 brokerage firms in America and what public service interest is served by so doing?......These are just some of the questions I believe the Main Street investor and taxpayer has a right to demand answers. The best forum to achieve such answers can best be found in Congressional hearings. And now."
"Would and is the Main Street investor on margin and losing his or her life savings in a dismal economy, or the homeowner struggling to keep a roof worth less than he paid for it over his head, or the small business struggling to get any loan (let alone a guaranteed loan) of 95%+ being treated in the same way that Wall Street is as evidenced by this deal? That, it is my view, is the test. And, thus far, Wall Street and the government has failed it. What is fair for Wall Street must also be fair for Main Street. Unless and until Congress takes a long look at this deal, with the consumer paramount, the sale and taxpayer guarantee should not move forward," said Young, founder and CEO of Securities Arbitration Group early today.
WHO WE ARE: Paul Young is a nationally recognized and experienced rep and advocate for burned investors who has personally recovered millions for burned investors via securities arbitration and mediation, case by case by case. Also a veteran MONEY MATTERS broadcast commentator, writer and columnist for print and Internet (Paul founded the Main Street Money webzine in 2000), who accurately forecast (in July, 06) this recession and earlier U.S. financial scandals and disasters, Paul is the founder of Securities Arbitration Group and of the non-govt. and fully free Securities Fraud Hotline @ 1-800-222-4724. Our national team's job is to get money back for burned Main Streeters from Wall Street when and if they have been burned by their stockbroker, registered investment advisor, brokerage or other financial services firm.
Unaffiliated with any Wall Street or any financial or investment company of any kind, Paul's constant and focused goal is recovering money for burned investors using securities arbitration and mediation.
For Burned Investors: The SECURITIES FRAUD HOTLINE is free and has been 24/7 for 19 years at 1-800-222-4724.
MEDIA ONLY: 1-310-880-8222 for immediate booking or interview. Otherwise, non-time sensitive general line 1-310-826-0278.
Email: FraudFight@gmail.com for all media and other inquiries.
"Dedicated to recovery for burned investors via arbitration."
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