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08-07-2008, 08:59 AM
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Outside looking in.
Industry Role:
Join Date: Feb 2005
Location: To Hell You Ride
Posts: 14,243
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Citigroup to buy back over $7 billion in auction rate securities
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. (C:18.91, -0.79, -4.0%) will buy back more than $7 billion in illiquid auction rate securities under a settlement, the Office of the New York Attorney General said Thursday. Under the settlement, Citigroup will have to buy back the securities no later than Nov. 5 to relieve about 40,000 customers who have been unable to sell the securities since Feb. 12. Citigroup will also have to pay the State of New York a $50 million civil penalty and a separate $50 million civil penalty to the North American Securities Administrators Association, the office said.
http://www.marketwatch.com/news/stor...7D&siteid=bnbh
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08-07-2008, 09:00 AM
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#2 |
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Outside looking in.
Industry Role:
Join Date: Feb 2005
Location: To Hell You Ride
Posts: 14,243
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Their stock is down almost 4% today.
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