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Success, and failure, in auction-rate fallout

Documents show Bank of America warned California of big problems, but let small investors fend for themselves

As the auction-rate securities market fell, individuals didn't get the kind of market intelligence Bank of America gave big clients. As the auction-rate securities market fell, individuals didn't get the kind of market intelligence Bank of America gave big clients. (Chris Hondros/ Getty Images/ File 2008)
By Beth Healy
Globe Staff / August 19, 2008

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Bank of America Corp.'s investment arm warned a large bond issuer - the State of California - of trouble in the auction-rate securities market late last year, according to documents reviewed by The Boston Globe, while the firm was still selling the investments to smaller investors without such warnings. (Full article: 650 words)

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