Merrill Lynch Probed in Subprime CDO Sale To City

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Merrill Lynch Probed in Subprime CDO Sale To City

Sree Vidya Bhaktavatsalam of Bloomberg reports that Merrill Lynch & Co. was subpoenaed by Massachusetts regulators after the value of collateralized debt obligations the brokerage firm sold to the city of Springfield plunged 91 percent because of losses tied to subprime mortgages.Secretary of State William Galvin yesterday issued the request for information to New York-based Merrill. Galvin, the state’s top securities regulator, said in an interview today he wants the names and details of the CDOs by 3 p.m. Jan. 10. Merrill said it will cooperate with the investigation.

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