clipped from money.cnn.com
Regulators raid Wachovia Securities

CHARLOTTE, N.C. (AP) — Securities regulators from several U.S. states on Thursday raided the St. Louis headquarters of Wachovia Securities, seeking documents and records on the company’s sales practices.

Wachovia Securities has not fully complied with these requests, prompting Thursday’s onsite inspection, Missouri officials said.

However, a Wachovia spokeswoman said, “Most securities firms, including Wachovia, are responding to inquiries from regulators about the auction-rate securities industry.”
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No one else finds it funny that these “regulators” can march into a private business without a search warrant and seize documents or inspect them? Oh yeah, business don’t have rights.

But I do love a dose of shock journalism. Notice the word “Raid” in the title which is subsequently described as an “onsite inspection”. With a “raid”, I expect guns, badges and maybe even some flash-bang grenades. I guess this is why I’m not a journalist, reality is to comforting to me.
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