Cant Have Money Says Bank to Auction Rate Investors

[hometowngrl53]

Now isnt this a crazy story where the bank is saying its not in you best interest to have his own money

Banks Say Auction-Rate Investors Can't Have Money (Update1)

By Darrell Preston

June 6 (Bloomberg) -- Franklin Biddar wants his money, and says Bank of America Corp. won't let him have it.

The 65-year-old real estate investor from Toms River, New Jersey, said he hasn't had access to cash the bank invested for him in auction-rate preferred shares ever since the market seized up in mid-February. Even when Biddar agreed to sell $100,000 worth of the securities to Fieldstone Capital Group, Charlotte, North Carolina-based Bank of America wouldn't release the bonds, saying the transaction wasn't in his interest, he said.

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This is just not right i mean how can they decide if it right i mean it his money