...or the state's "top securities regulator"

What's California doing?

BOSTON (AP) -- Massachusetts' top securities regulator is asking Fidelity Investments to buy back auction rate securities it sold to customers.

Secretary of State William Galvin told the Boston mutual fund company's chief executive, Edward Johnson III, by letter that he had ''grave concern'' about investors who have been unable to sell auction rate securities since the market dried up in February.

Galvin says Fidelity had presented the bonds as ''safe, liquid principal-protected investments.''

Fidelity spokeswoman Anne Crowley says the company will review Galvin's letter.

Five major Wall Street firms have agreed to $42 billion in settlements with state and federal regulators over auction rate securities.