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I've got no love for Merrill. I know some of the crap they pulled on retail investors going back to the late 60's. OTOH, state attorney generals have become a revenue source for state governments. Often (can you aay Spitzer?) they're witch hunts have nothing to do with protecting the public. They're just hoping to force a company to pay the state a big fine under threat of an indictment that would destroy the company before they had time to defend themselves.
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