Bloomberg News reports that 10 of the biggest names in investment banking are blocking investors from getting their hands on their share of the $330 billion Auction Rate Securities (ARS) that they were told was as safe as a money market fund.

I first posted about this back in February and now it has 4,325 comments from people trying to get at their money. Bloomberg quotes one victim of frozen ARS syndrome: Franklin Biddar, a 65-year old real estate investor who can't get his $100,000. "I can't do anything," said Biddar, who was so eager to unlock his money that he was willing to accept 11 percent less than what he paid for the securities. "Bank of America (NYSE: BAC) got me into these securities that are supposed to be as safe as a money market, and now they won't get me out."

Here's a list of the banks involved in this money blocking operation and the volume of municipal ARSs they issued between 2001 and 2007:

Continue reading Rogues gallery of banks block investor access to $330 billion

Rogues gallery of banks block investor access to $330 billion originally appeared on BloggingStocks on Fri, 06 Jun 2008 13:26:00 EST. Please see our terms for use of feeds.

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Newspaper wrap-up: Host of factors could stop InBev from bidding for Anheuser originally appeared on BloggingStocks on Wed, 28 May 2008 08:00:00 EST. Please see our terms for use of feeds.

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Newspaper wrap-up: Blackstone Group, Apollo, to bid for Chemtura originally appeared on BloggingStocks on Tue, 27 May 2008 08:00:00 EST. Please see our terms for use of feeds.