Merrill Lynch (NYSE:MER) sold the city of Springfield Mass a financial instrument which lost 90% of its value. According to The Wall Street Journal "Merrill violated state law by not properly informing the city what it was buying."
Christopher Gabrieli, who runs the city’s finances, wants his money back.
Gabrieli and his friends are one in a parade of boobs who appear to have wanted big returns but were not willing to apply proper due diligence to what they were buying. The man may be unhappy, but the result should be that he is pushed out of his job. He says Merrill did not send him details on the investment until it was too late. The real question is why he did not ask for them before he wrote Merrill a check.
Over the next few months, countless municipalities and institutions will complain that firms like Merrril robbed them. In reality, the buyers failed to read the fine print.
Caveat emptor.
Douglas A. McIntyre
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.