Brookstreet “Flabbergasted” after Liquidation News
Market News First (www.mn1.com) reported the Brookstreet liquidation early Wednesday night and is ecstatic to see the rest of the media following suit on this potentially mammoth story. First let’s find out who the players are and explore the different relationships involved in this debacle. Brookstreet Securities Corp. is an Irvine, California-based broker-dealer with National Financial Services as its clearing firm. National Financial’s parent company is Fidelity Investments Co. Brookstreet closed its doors on Friday after heavy losses in the collateralized mortgage obligation (CMO) market, terminating at least 650 independent brokers, the firm's president said in a release. Brookstreet President…