Article: Complaint Over Auction Rate Securities Market Details Brokers’ Greed

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Complaint Over Auction Rate Securities Market Details Brokers’ Greed

Courthouse News Service, 5 September 2008

In a federal filing replete with lurid examples of document destruction, inside trading, naked greed, lies and market manipulation, the City of Baltimore joins the long list of plaintiffs demanding treble damages from Citigroup, UBS, Merrill Lynch, Morgan Stanley, Bank of America, Lehman Bros., Wachovia and other banks that conspired to prop up the auction rate securities market, until it collapsed in a $300 billion rubble heap from which investors are still digging out.

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