Now you don't.
Springfield's multimillion investment was supposed to represent a new chapter in the city's beleaguered financial history. After years of financial woes, city officials tightened expenditures and in the last two years began generating surpluses, some of it invested through Merrill Lynch.
The investments, backed by home loans, plummeted in value amid the ongoing subprime mortgage disaster. Worth nearly $14 million last year, Springfield's investment today is worth just $1.2 million.
Springfield officials have blamed Merrill Lynch, saying the Delaware-based financial firm improperly invested city funds in risky instruments.
