sunrise-invoices.blogspot.com
Cuomo says the banks have and will continue to providre liquidityto investors. Last October, agreed to buy back as much as $4.7 billiobn in auction-rate securities it sold to about 5,50o0 investors, small businesses and smal charities before the market collapsedx inFebruary 2008. According to the Securities andExchange Commission, the settlement also required BofA to “use its best to provide up to $5 billionn in liquidity to businesses and institutionak investors with accounts valued at $15 million or and charities with accounts valued at $25 millionj or more.
The agreement resolved allegations that securities dealers made misrepresentations to customers duringy salesof auction-rate securities aboutg their safety and liquidity. Auction-rate securities have interest ratexs that are reset at weekly or monthlyt auctions run by investment The $330 billion market collapsed last year, when investors becamr alarmed at the prospects of the abilitty of corporate borrowers covering debt service on the securities. Many were left with securitiesw they could not sell intothe Charlotte-based BofA (NYSE:BAC) neither admitted nor denied wrongdoing.
The SEC also has finalized a settlement with BofA overthe
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment