FOR IMMEDIATE RELEASE
Thursday, July 17, 2008
Contact: Laura Egerdal, (573) 526-0949
Contact: Ryan Hobart, (573) 526-4734

Statement on Special Inspection at Wachovia St. Louis Headquarters

St. Louis, MO - Missouri Secretary of State Robin Carnahan released the following statement today about the special inspection regarding auction rate securities at Wachovia’s St. Louis Headquarters.

“The inspection today was not a raid. Officials at Wachovia knew in advance that there was going to be an on-site inspection as part of an ongoing investigation into the sale of auction rate securities.

This inspection was limited only to information about the sales and marketing of auction rate securities. We are pleased that Wachovia cooperated today, and no enforcement action has been taken against the company at this point. We expect the information gathered today will expedite the resolution of this issue.

This is just one step we are taking to make sure that Missourians are able to access their money that is locked up in auction rate securities, and we will continue to look into this issue until we find a solution for investors.”

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To find out more about Missouri’s Secretary of State’s office, visit www.sos.mo.gov

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