Merrill Lynch & Co. was subpoenaed by Massachusetts regulators after the value of collateralized debt obligations the brokerage firm sold to the city of Springfield plunged 91 percent because of losses tied to subprime mortgages.
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``There are a whole range of concerns, including how the investments were presented to the city of Springfield and whether these were inappropriate investments for a city,'' Secretary of State William Galvin said. ``We don't want to pre-judge but just want to assess the information.''
The Springfield finance board said it ``believes that Merrill Lynch can and should be held fully accountable for any potential losses.''
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