"Firm may seek aid for auction-rate clients" by Bloomberg News | March 25, 2009
WASHINGTON - Oppenheimer & Co.'s Canadian parent said it may seek money from the US government's financial bailout programs to repay brokerage customers facing losses on frozen auction rate securities.
Only American taxpayers take a loss, hmmm?
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 firm said in the filing.
You are BEING RIPPED OFF, Americans! The GREATEST LOOTING JOB in HISTORY!!!
Brian Maddox, a spokesman for the company, said getting TARP money is only one reason to reincorporate in the United States. The move also would simplify its corporate structure and provide greater access to US capital markets.
"We have no assurance that we would qualify for" US bailout funds, Oppenheimer Holdings said in the proxy statement, "nor have we determined that we would participate in any of these programs."
Then WHY the MOVE? Have you HAD ENOUGH with the LIES yet, America?
Oppenheimer Holdings owns Oppenheimer & Co., which is already incorporated in Delaware. The New York unit's roots go back to the late Leon Levy and Jack Nash, founders of the hedge fund Odyssey Partners LP. The company is separate from OppenheimerFunds Inc., a unit of Massachusetts Mutual Life Insurance Co. of Springfield, Mass.
Oppenheimer, Levy? Need I even type it? Oh Kanada, indeed!
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