Stifel expects its customers to either believe they were duped and dumb about offering auction rate securities to their customers or to believe that Ron K and the board put their shareholders needs above those of their customers!! Which is it Ron K? Are you and your brokers offering products that you don't understand fully and therefore should not have been offering? Or, are you just greedy and would rather screw your customers than your shareholders? Was the Secretary of State in MO. not able to persuade you to do right by your customers? All of the reputable brokers have paid their customers back already!! I presume that it is going to take a lawsuit to do get Stifel to act!!