Massachusetts Probes Merrill Lynch


	Massachusetts Probes Merrill Lynch

Tom Van Riper

1-4-2008 9:54 AM

305 views

tags:

merril lynch, subprime, massachussets, regulators

Tom Van Riper says:

Wall Street banks are not only feeling the heat from federal regulators probing subprime mortgage investments sold to clients, but now the states are predictably getting in on the act. Will this Massachussets investigation into Merrill Lynch's dealings with one of its cities be just the tip of the iceburg?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/e062d1ae-f743-4178-bd8c-24fa6b2bb6ba/E3A5A494-6C2F-407C-A620-0C95206A98B5/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.boston.com/business/articles/2008/01/04/brokerage_probed_in_big_loss_for_springfield/" href="http://www.boston.com/business/articles/2008/01/04/brokerage_probed_in_big_loss_for_springfield/" style="font-size: 11px;">www.boston.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.boston.com/business/articles/2008/01/04/brokerage_probed_in_big_loss_for_springfield/">Securities investigators for Secretary of State William F. Galvin have opened a probe of <A target="_new" href="http://boston.stockgroup.com/sn_overview.asp?symbol=MER">Merrill Lynch</A> & Co.'s dealings with Springfield after the city lost  nearly $13 million  in investments that Galvin said were too risky for municipalities.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.boston.com/business/articles/2008/01/04/brokerage_probed_in_big_loss_for_springfield/"><P>The investments, backed by home loans, plummeted in value amid the ongoing  subprime mortgage disaster. Worth nearly $14 million last year, Springfield's investment today is worth just $1.2 million.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/E3A5A494-6C2F-407C-A620-0C95206A98B5/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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