Yeah, yeah, I KNOW it is YOUR MONEY!
"Investor ire rises against Fidelity; Firm's clients say auction-rate bonds were new to them" by Beth Healy, Globe Staff | August 22, 2008
Some Fidelity Investments customers who bought auction-rate securities say they didn't know such investments existed until they were told about them by a Fidelity representative.
"I didn't have a clue what an auction-rate security was,'' said Bert Davidson, a Lexington businessman who has had a large account with Fidelity for several years. But after a Fidelity representative described the securities as safe and cash-like, Davidson said, he decided to invest about $900,000 in them.
Now he can't access his money. Auction-rate securities nationwide have been frozen since February, when virtually all trading in the market shut down following a steep drop in investor demand. And like thousands of others who bought auction-rate securities through brokerages across the country, Davidson's frustration level is mounting.
Who can blame him?
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