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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (34410)	5/3/2008 8:53:35 AM
From: carranza2	Respond to of 217862

I'm not saying they will be perfect but they'll make life miserable for a lot of folks. I have a concrete example. A friend back sold his house for $1m, plus, and was looking for ultrasafe place to park the proceeds. His Smith Barney broker told him that auction rate munis were as safe as Ft. Knox so he goes with the recommendation. Three days later, he wants access to funds as he has found a place he wants to buy and is told sorry, no go. In a space of three days they were recommending auction rate munis to retail clients at a time when they knew they were not going to participate in the auctions and that it was unlikely that anyone would because of the prevalent financial mess. In other words, they defrauded my friend. He has a strong case against them, but he'd rather have his money back. Smith Barney, they make money the old fashioned way, they steal it from you. The auction rate muni class action cases are getting cranked up. They are going to cost the scamsters a ton of money.