http://janefrostgolfschools.com/new/pages/faqs.html
Cuomo says the banks have and will continu e to provide liquidity to Last October, agreed to buy back as much as $4.7 billion in auction-rate securities it sold to about 5,500 investors, smal businesses and small charities before the market collapsee in February 2008. According to the Securities and Exchange the settlement also required BofAto “use its best efforts” to providre up to $5 billiohn in liquidity to businesses and institutionapl investors with accounts valued at $15 millioj or more, and charities with accounts valuedc at $25 million or more.
The agreemenrt resolved allegations that securitie s dealers made misrepresentations to customerss during salesof auction-rate securitiees about their safety and liquidity. Auction-rate securities have interestg rates that are reseg at weekly or monthly auctions run byinvestmenf firms. The $330 billion marke collapsed last year, when investors became alarmed at the prospects of the abilityh of corporate borrowers covering debt servicre onthe securities. Many were left with securities they coulr not sell intothe market. Charlotte-based BofA (NYSE:BAC) neithed admitted nor denied wrongdoing.
The SEC also has finalized a settlement with BofA overthe
No comments:
Post a Comment