“A major Wall Street firm agreed to return $37 million to 17 cities and towns in the state, as well as to the Massachusetts Turnpike Authority, after it allegedly misled them into buying investments they thought were as safe as cash. UBS Financial Services Inc. reached an agreement with Attorney General Martha Coakley after she found that the brokerage had not fully disclosed the risks of the investments, known as auction-rate securities. Cities were unable to get their hands on their money when the market for these investments evaporated almost overnight. Winchester, which had invested more than any other town, will receive $6.8 million in the settlement. The turnpike will receive $4.4 million, and the city of Holyoke and its retirement system will get $3.2 million.” [editor’s note: Fascinating, how if someone bilks consumers, all it is a reason to slap their hands, but if they bilk a government entity … it’s payback time? - SAT] [editor’s note: Even more fascinating is that these wise and all-knowing pols would believe that securities are “safe as cash.” Any investment that’s as safe as cash will be as “profitable” as stuffing that cash in your mattress to inflate. Profit comes from RISK - TLK] (05/08/08)