Amid the Money Muddle

Investors are swamped by a deluge of financial choices

When billions of dollars are at stake, even the most reserved of bankers and brokers start chasing after customers. Last week marked the first anniversary of the beginning of the much ballyhooed All Savers program. Thus as some $31 billion worth of the one-year, tax-exempt savings certificates began to come due this month in banks and savings and loan associations around the country, it was no surprise that moneymen were in hot pursuit of all that cash.

The All Savers program was authorized by Congress in...

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