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When confronted with allegations of manipulations of the auction-rate securities market by New York Attorney General Andrew Cuomo, most firms have decided to settle up and keep quiet. Not Charles Schwab. Last month, in anticipation of the fraud suit Cuomo filed on Monday, Schwab’s outside counsel, Faith Gay of Quinn Emanuel Urquhart Oliver & Hedges, sent a letter to David Markowitz, who heads the Investor Protection Bureau at Cuomo’s office. The letter, which responds to an earlier report that a lawsuit was coming, was made public by Schwab on Monday. It makes for pretty juicy reading.

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