A.G. Edwards Deserves Job on Merit

* Two recent Times articles have questioned the selection of A.G. Edwards & Sons as a co-senior underwriter for Orange County, stating that the selection resulted from something other than merit. The articles are inaccurate and unfairly criticize our firm and others involved in trying to solve the crisis in Orange County.

We certainly appreciate your recognition that one of our brokers acted responsibly in expressing concern about the investments made by Robert L. Citron, but the suggestion in the article that the broker’s criticism resulted in our selection by Orange County is inaccurate. The broker’s action apparently was discussed during the selection process and does show that our firm was not involved in creating the problems. However, other factors were more important in the selection.

The selection process was open and fair. Before being selected unanimously by the Board of Supervisors, we were among 17 firms that submitted a proposal and one of four finalists interviewed by the selection team. The broker referenced in your article did not participate in preparing the proposal or making the presentation.

One of your articles stated that A.G. Edwards “is not a large player in the municipal finance market.” To the contrary, our company was ranked 11th nationally last year in total value of bonds that were underwritten, and seventh in the number of negotiated issues.

Rankings and numbers will not get the job done for Orange County. What counts are the professionals who work on getting the transaction completed and whether it is done correctly and ethically. We have brought to Orange County a seasoned team of professionals with the abilities and resources to make any bond issue a success.

BENJAMIN F. EDWARDS III

Chairman, A.G. Edwards & Sons Inc.

St. Louis