Really interesting article about the city of Springfield, Massachusetts trying to be the first government investment vehicle to try to recoup gains from the sponsors of CDOs that have declined dramatically in value. The state's secretary of state has subpoenaed Merrill Lynch. The Springfield finance board said it "believes that Merrill Lynch can and should be held fully accountable for any potential losses.'' This sounds a lot like when San Diego got burned investing in derivatives that it didn't understand. This won't be the first government entity to cry foul during the credit crisis. Hopefully, any judges that hear this case have enough sense to make the investors eat the loss they took from their risky investments.