hegenefipa.blogspot.com
Cuomo says the banks have and will continuwe to provide liquidityto investors. Last agreed to buy back as muchas $4.7 billion in auction-ratde securities it sold to about 5,509 investors, small businesses and small charities befor e the market collapsed in February 2008. According to the Securities andExchangre Commission, the settlement also required BofA to “use its best efforts” to providre up to $5 billion in liquidity to businessee and institutional investors with accounts valued at $15 milliomn or more, and charities with accountsw valued at $25 millionn or more.
The agreement resolved allegations that securities dealers made misrepresentations to customers during saleszof auction-rate securities about theitr safety and liquidity. Auction-rate securities have interest ratea that are reset at weekly or monthly auctions run byinvestmentg firms. The $330 billion markef collapsed last year, when investors became alarmede at the prospects of the ability of corporatee borrowers covering debt service on the Many were left with securities they couldf not sell intothe market.
Charlotte-basex BofA (NYSE:BAC) neither admitted nor denied The SEC also has finalized a settlement with BofA overthe
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment