Citigroup Agrees in Principle to Auction Rate Securities Settlement
Firm Will Provide Liquidity and Remediate Losses
FOR IMMEDIATE RELEASE
2008-168
Washington, D.C., Aug. 7, 2008 — The Securities and Exchange Commission's Division of Enforcement today announced a preliminary settlement in principle with Citigroup Global Markets, Inc. (Citi) including proposed charges and a plan that would give individual investors, small businesses, and charities all $7.5 billion of their money back from auction rate securities (ARS) they purchased from the firm. The agreement also would require Citi to use its best efforts to liquidate by the end of 2009 all of the approximately $12 billion worth of ARS the firm sold to retirement plans and other institutional investors.
Tuesday, February 16, 2010
REMEMBER THE AUCTION-RATE BOND MARKET?
The one the banksters decided to walk away from and screw their customers? Well, the SEC decided that was a no-no:
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2 comments:
What's your opinion of economist Mike Hudson? Mine is, he presents
a (left)populist approach to the bankster corruption as well as anyone. Check out his piece on
Counterpunch and commment if you like!
Ken,
I haven't heard of him but I will check out his article.
Steve
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