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

Their stock is down almost 4% today.

That will go down for more!