Shirley Leung, Boston Globe, on RBC Capital Markets reaching a settlement with William Galvin

Well our text question of the day is we wanna know how much money you spend on gasoline each week. And what kind of mileage are you receiving from the vehicle you drive what kind of MPG -- in your car. Number nine on my list by the -- -- I Garrity gave you the Camry hybrid. The hunt inside trying to find your next car -- Honda Insight gets 41 miles per gallon. Was it looked like they should probably be nothing flag I I don't not only at. LA hey -- I know about every fuel efficient vehicle what don't we like that looks nice in its its pretty but yet it's masculine drives well it's got. That explains why you drive a German -- color is it is. Mean you know what would the wheels look like what about the interior is leather. Pay that and about gas and I absolutely what's the market doing gay -- yet the openings -- Like Dallas -- OK at thirteen to 68 and NASDAQ only down two point essence he is pretty much flat tenured US one point 954. Gold is down 1630. And oil's trading down fifteen cents to 10 finals -- will we are now joined by Shirley Leung she's the business editor over at the Boston Globe. Surely welcome to the show Daria Dolan. Thanks. Nobody rides for free surely we we we were kind of Carty driver with what kind of mileage do you get on the vehicle that you drive everything -- I -- they -- Iraq and done. I'm supposed to get directly to miles a gallon yeah I actually don't know how many I get I have a short commute. -- right so much you spend on gas a week. -- you not really have to fill my tank every other week. To securely on the -- forty dollars every other week so it's not too bad. Yes at eight. The higher gas prices are not having an impact on you to the same degree that to the guy that commutes to you know to 300 miles a week you know -- they surely wanted to talk to you about there there's a story in today's globe. About RBC. Settling some litigation or some some -- d.'s if you will with the secretary of State's office -- Alvin's office what's this all about. While the world. You know that RBC which is the unit of Royal Bank of Canada Canada is not comedians. Has. I'm sick leave days. You know what happened is they've sold a product that. Was a lot more risky than marketed you know this is the so called ETFs or extreme exchange traded fund. And it was that a very complex kind of type that each PS and downs. The result there are probably more losses than -- than advertised. Okay now so it was the baby. It almost sounds like misrepresentation. Or something is that an accurate assessment. Yeah I you know and that had to kind of common enough on financial crisis right you know. There are a lot of you know -- -- secure selling in the selling and trading securities. Got much more complicated -- you know. Involving swaps and derivatives and other complications to make money. It's. You know it's a lot of big. You know often didn't really and fully understand what where they were selling to. But their clients or. Perhaps one part did but not the other and sell it to resolve the customer ultimately did not really understand that they work. By an inherently a much more riskier products. Any of this money they're given -- office like two point nine million any of this money getting back to the customer -- gallons office keeping it. -- this is two point nine million will all go back to the customers. RP -- RBC will be paid a 250000 dollar fine. It's an act -- regulators some sort but that they're two point nine million dollars covers calmed investors' losses. Okay any other states making similar claims surely they're aware of. Well yet it does that apparently a lot of other banks were also -- kind of did very similar things and their actions against a city group Morgan Stanley UBS and Wells Fargo I think. And there was something in you know nine to look five million dollars in fines. All right well thank you very much for joining us and appreciate the story thank you -- -- that's Shirley Leung from the Boston Globe. Giving us her perspective on the RBC story. That was in today's school.