Before the Bell 6/20/2008

[1:54]..." dot com bubble where there was the same type of behavior. A Wall Street pledged they were going to do it again and that they also declined and we have another example. This whole area of auction rate securities which may seem arcane too many business. Has affected many individuals here in Massachusetts -- 160 are bars in the Merrill case we believe 95 million dollars of these instruments. Was sold between the first of January the twelfth of February of this year. Many of these people stock. And it's hurting our economy it's -- these individuals it's very small businesses. Where is seeking Merrill Lynch is to make these people hold to make good. On these instruments to dip in the -- value of their money. And we feel of the unethical conduct on the bottom Merrill Lynch and in particular the effort to. Co -- research analysis is despicable and on trust it in this untrustworthy behaviors something that we we have to secretly people. Now that this occurred here in Massachusetts only. You know it's a nationwide problem I mean there is a problem nationwide not just with this firm but with a number of firms this is the second complaint that we have brought here in Massachusetts. Massachusetts. Has been aggressive in pursuing misspoke we're not alone other states also brought actions as well. The SEC has been remarkably quiet. But our concern has to make our investors here in Massachusetts -- To make sure that we do our best to get news these people treated fairly which in our view which rescission "...

[0:00]..." We're talking to secretary of the commonwealth of bill Galvin. A -- charges leveled against Merrill Lynch. With the fraud and these auction rate securities sales first of -- tell me what is your office alleging here in this "...

[0:13]..." alleging. Merrill Lynch engaged in fraudulent and unethical conduct specifically deliberately selling these auction rate securities to. Unsuspecting investors and Massachusetts 165. Buyers. Who were told that they would have liquidity that is that the month they would they would get their money "...

[2:06]..." heads of all the major banks they were Bank of America JPMorgan Citigroup Goldman Sachs Merrill Lynch Morgan Stanley. State street -- will struggle night and the biggest banks -- Total benefit. -- and point five billion dollars. Poland "...

[1:12]..." still about the availability of credit that the depths of the recession. Corporate earnings are strict about we -- the selection but -- overheads but I think yesterday's reversal was a very very positive -- for "...

[2:46]..." signs indicate we will not have an -- of yesterday's plunge on Wall Street at least not in the beginning of the session. At this morning's opening futures are up but after a poor overnight showing in Asia where the Japanese Nikkei plunged by 11%. A bigger checks coming in the mail for people receiving Social Security benefits this year -- cost of living increase is expected to be more than five and a half percent. Five and a half percent translates -- a sixty dollars a month more for the average Social Security recipient and for once. The increase will not be drained off by higher monthly premiums for Medicare you'll stay the same. The "...

[6:10]..." yesterday -- This country's futures up by five Dow futures by 25. Business report -- and 38 past the hour on Ron Amadon marketwatch.com. On WBZ. News radio to. "...

[6:33]..." there to pass of the north and other showers -- out across New York State and down in Pennsylvania will come eastward and can affect us this afternoon. And the mean time clouds few sunny breaks a "...