Securities News Releases

Monday, August 11, 2008
Contact: Laura Egerdal, (573) 526-0949
Contact: Ryan Hobart, (573) 526-4734

Carnahan Meets With Wachovia to Find Solution for Auction Rate Securities Investors

— Secretary of State Robin Carnahan on Friday, August 8, met with executives from Wachovia Securities to discuss a solution for investors holding auction rate securities. In the day-long negotiation, progress was made towards an agreement that would address the approximately $9.5 billion dollars of auction rate securities held by Wachovia customers. Negotiations will continue this week. Carnahan released the following statement:

“I am glad that Wachovia is at the table with us. Friday’s meeting was productive and we made progress towards an agreement that will ensure investors have access to their money. I am pleased with the effort that Wachovia has made and I look forward to working together this week. Investors should be able to access their money as promised, and I am committed to finding a solution that will make them whole as quickly as possible.”

Missouri is the lead state in the national task force investigating Wachovia’s sales practices of auction rate securities, and has been coordinating with regulators from other states. The investigation, which began in April 2008, is ongoing and will continue until a solution for investors is reached.

-- 30 --

To find out more about Missouri’s Securities Division, visit

return to news >>

Toll-free Investor Protection Hotline
Report complaints or make inquiries