The state of Texas gets a whopping $12.7 million settlement from Merrill Lynch following the state’s investigation of the firm’s questionable marketing of auction rate securities (ARS) as cash-like and easy-to-access. The securities resulted in great failures for investors. Merrill Lynch advisors were even incented to sell the ARSs as the auction process was faltering. Going, going, gone for $12.7 million. Read more from Business Week here.