Wednesday, August 20th, 2008...12:18 pm
Fidelity is right, Galvin is wrong
I don’t love Fidelity, but I really hate when politicians ask people (Johnson family in this case) to take a hit for stupid consumers. Mass. Sec. of the Commoners, William Galvin has a lot of nerve asking Ned to pick up the bill on the ARS debacle. Galvin wants Fidelity to conced becausw customers “now find themselves unable to access money that they thought was as liquid as cash.” Two words: tough beans. If consumers must learn the meaning of caveat emptor through the school of hard knocks rather than assuming the responsibility of learning it in advance, so be it.
Seriously, there is no insurance for stupidity risk (just made that up). However, as Fidelity spokesperson Vin Loporchio is quick to point out, “We believe the underwriters should stand by their securities.” Galvin, you are barking up the wrong tree and you know it. The coffers of the limited liability underwriters are empty and the men behind their corporate veils have no integrity so you decide to try to shame a good family into paying for it all? Shame on you.
