Galvin lands another investment settlement

[0:17] ..." a typical -- or small businesses and individuals. They were announcing that Merrill has agreed to buy back all elected annually illiquid auction rate securities that -- value. From all Merrill's retail customers including nonprofits who had less than three million tie ups -- up to three minutes. After that. And up until January 15 2009. Merrill buy back -- par value. All -- under a hundred million. So we think this fall -- retail investors pretty much -- clean slate here. We're pleased about this one of the reasons were putting out even -- the fines fees and other details of yet to be resolved. Is that we know that Merrill have announced a voluntary by dark almost two weeks ago. Without that some investors might be confused you know some of them"...

[1:31] ..." is Tuesday. The amount of money held by investors under three million retail investors as two point one -- and the total amount of holdings that girl that sold out and did."...

[1:48] ..." Among those to go is that including Vancouver yes it is. Mayor Bloomberg Deutsche Bank."...

[2:48] ..." the conduct it was -- indefensible. These firms -- these auction rate securities were defective yet they continue to -- among the unsuspecting customers. That's what we -- it would get some relief"...

[0:00]" This is the on going problem many investors upon them on themselves out of lactose in them money's source report when these auctions failed. Oftentimes these financial instruments marketed we maintain as liquid that they were not -- to take people could not get easier access to -- money. There's been a typical -- or small businesses and individuals. They were announcing that Merrill has agreed to buy back all elected annually illiquid auction rate securities that -- value. From all Merrill's retail customers including nonprofits who had less than three million tie ups -- up to three minutes. After that. And up until January 15 2009. Merrill buy back -- par value. All -- under a hundred million. So we think this fall -- retail investors pretty much -- clean slate here. We're pleased about this one of the reasons were putting out even -- the fines fees and other details of yet to be resolved. Is that we know that Merrill have announced a voluntary by dark almost two weeks ago. Without that some investors might be confused you know some of them indeed happen. Desperate to get axes to them money we wanted to get this out there for us giving people access to him money was the most important thing. The lines of these and other conditions can wait to later any idea on the total worth of the civil union -- one is going to be -- ten billion dollar respect. In the first -- that the -- national figures in the first art you'll be two point one billion that is Tuesday. The amount of money held by investors under three million retail investors as two point one -- and the total amount of holdings that girl that sold out and did."

[1:42]" Now this is the latest in a long line of settlements have been you have your future occasions -- Among those to go is that including Vancouver yes it is. Mayor Bloomberg Deutsche Bank."

[2:33]" Bring your complaint. I'm proud to say that the the states led the way on this in Massachusetts what the states so we brought a complaint against -- was urged wrong complaint contained a lot of very. Damning evidence civilly -- complaints -- the conduct it was -- indefensible. These firms -- these auction rate securities were defective yet they continue to -- among the unsuspecting customers. That's what we -- it would get some relief here but we cannot get a complaint. You know all the rhetoric in the world all the press releases in the world doesn't -- anything until you actually complain and make an accusation and demand response and that's we did these cases."