Teabagger rebuked | Arkansas Blog

Wednesday, December 9, 2009

Teabagger rebuked

Posted By on Wed, Dec 9, 2009 at 8:37 AM

Teabagger Steve Kiefer, who chums up securities customers with TV and radio advice shows, has been sharply countered by securities regulators for his claim that he was investigated for improperly inflating commissions on account of his anti-Obama politics.

As a reader pointed out here yesterday, the investigation began BEFORE Obama was president and months before Kiefer appeared at a 'bagger rally in April. Arkansas Business reports the Securities Department's response and punctures Kiefer's  justification of steering customers to higher-commission investments in what the department contends was a violation of the law. AB quotes a staff attorney:

"What he's basically saying is, ‘I know I broke the law and violated the Securities Act and I should never have put these people in B shares, but the amount of money they lost was lessened because the stock market crashed.'... That does not lessen our position in any way that he violated the law when he put clients in B shares in 2007 and early 2008."

Will Dave Elswick give his KARN co-host still more time to mewl about his victimization by those evil consumer advocates at Securities? It's one thing for KARN, a right-wing mouthpiece, to include Kiefer in its lineup. But does did AETN really need the likes of Kiefer? At least add a disclaimer to the credits about his $50,000 fine and license suspension.

CORRECTION: Thanks to a reader who notes that the Kiefer TV program mentioned in the Arkansas Business article no longer appears on the AETN schedule. He left the lineup several months ago, a station spokesman said.

PS -- Did I mention this guy sounds loony?

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