Has Springfield Really Lost $13 Million in Subprime Investments?
Investigations continue into investments Merrill Lynch made for the city of Springfield, Massachusetts. In 2007, Merrill Lynch put $14 million of the city's money into the subprime mortgage market and the value of the investment has since dropped to just over a million. Boston Globe business columnist Steve Syre is following the story. He told WFCR's Tina Antolini the market for the kind of investment Merrill Lynch made has completely evaporated, but Syer says it doesn't necessarily mean that Springfield has lost all those millions.