Articles > Newspapers > International Newspapers, Major Markets > TendersInfo news wires > August 2008

Article: United States: Wachovia to buy back auction-rate securities.

Article from:
TendersInfo
Article date:
August 18, 2008
Copyright

Byline: sujit03

Two more big financial institutions agreed on Friday to buy back auction-rate securities from customers after the market for those instruments imploded in February.

Wachovia Corp. reached a nationwide settlement over its marketing of auction-rate securities, agreeing to buy back nearly $9 billion from investors.

Separately, Missouri-based Commerce Bank offered to repurchase $545 million in auction-rate securities from as many as 140 customers.

The settlement by Wachovia subsidiaries Wachovia Securities and Wachovia Capital Markets resolves allegations that they misrepresented the securities as safe, cash-equivalent ...

Read all of this article with a FREE trial

Related newspaper, magazine, and journal articles:

Article: AUCTION-RATE SECURITIES: Three Firms Will ...
The Bond Buyer;  September 3, 2009 ;     700+ words ... ... securities firms have agreed to buy back roughly $128 million of auction-rate securities and pay fines totaling ... Investment services LLC agreed to buy back $103 million of ARS and ... City Securities Corp. will buy back $13.1 million and pay ...

Article: Auction-Rate Securities: Three Firms Agree to ...
The Bond Buyer;  October 24, 2008 ;     700+ words ... ... than $60 million of illiquid auction-rate securities and pay $715,000 in fines to settle ... have resulted in firms' offers to buy back least $55.5 billion of ARS from individual ... earlier settlements. The firms agreed to buy back at par ARS that were purchased by individuals ...

Article: Citi to Buy Back $7.3 Billion of Bonds; Settlement ...
The Washington Post;  August 8, 2008 ;     700+ words ... ... agreed Thursday to buy back $7.3 billion ... called auction-rate securities melted down in February ... sold auction- rate securities dropped over time ... Lynch offered to buy back auction- rate securities from retail customers ...

Article: Galvin urges Fidelity to buy back ...
The Boston Globe;  August 20, 2008 ;     695 words ... ... the Boston firm to buy back any auction-rate securities it sold to customers ... have said they will buy back auction-rate securities they sold to clients ... demand that Fidelity buy back outstanding auction-rate securities marks a shift from ...

Article: HSBC brokerage to buy back auction-rate ...
Global Banking News (GBN);  June 24, 2008 ;     534 words ... ... HSBC brokerage to buy back auction-rate securities(C)2008 ENPublishing ... LSE: HSBA) is to buy back auction-rate securities. The company has ... that has offered to buy back auction-rate securities from customers who ...

Article: Bank of America to buy back auction-rate ...
Global Banking News (GBN);  September 11, 2008 ;     530 words ... ... Bank of America to buy back auction-rate securities(C)2008 ENPublishing ... announced that it would buy back auction-rate securities as part of a settlement ... bank has agreed to buy back at least USD4.5bn in auction-rate securities from ...

Article: Wachovia to buy back auction rate ...
Global Banking News (GBN);  February 6, 2009 ;     520 words ... ... February 2009-Wachovia to buy back auction rate securities(C)2009 ENPublishing ... had invested in auction rate securities prior to the bank's acquisition ... associated with auction rate securities. Merri Jo Gillette, director ...

Article: NATIONAL NEWS: BANK OF AMERICA TO BUY BACK ...
Seattle Post-Intelligencer (Seattle, WA);  September 11, 2008 ;     700+ words ... ... America Corp. said Wednesday it will buy back about $4.5 billion worth of auction-rate securities held by roughly 5,500 customers nationwide ... Massachusetts regulators. The auction-rate securities market involved investors buying and ...

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!

Find articles, research, and archives