And that stick-to-it-ness means that, despite a judge’s dismissal of its auction-rate securities fraud suit against the goniffs at Charles Scwhab in October, 2011, the New York State Attorney General’s office intends to appeal. This means there’s still hope for those of us who have our savings — college funds, retirement money, life savings — stuck in the dreck that Schwab sold us as liquid and safe.
I was at work the other day when an email arrived with an update in the case. (How to follow the case electronically.) Logging in, I found the document attached below: a notice of appeal. Actually, it looks like the attorney general’s office decided immediately to appeal, since the notice is dated November, 2011. However, I didn’t notice it until this week, when apparently as part of the appeal process, a final judgement was added to the case file.
Since the Securities and Exchange Commission, FINRA and the other lap-dogs of Wall Street miscreants like Schwab have let the company off the hook, the NY AG is the last remaining hope for those of us who have had big pieces of our savings wiped out or made illiquid by the one company that has, so far, refused to do the right thing by clients.
Schwab does have, believe it or not, an institutional memory. And they read these posts [see the whole history here]. They won’t have anything to do with me. And I can’t blame them — it’s easier to stonewall me, especially after the drubbing I’ve given them here. They’d rather not have my business than be reminded of the wrong they’ve done me and hundreds — if not thousands — of their clients.
Meanwhile, I couldn’t be more grateful to the NY AG for soldering on…for us, the little guys.