BOSTON (Reuters) - Swiss bank UBS has agreed to buy back $19.4 billion (10.1 billion pounds) of debt securities whose value collapsed during the global financial crisis, and to pay $150 million in fines to settle charges that it misled investors,...
Auction-rate securities were one of the biggest free-lunch pitches ever served up by Wall Street. Trouble is, they ended up giving the buyers a serious case of indigestion.
Now, these busted bonds are making the brokerage firms themselves feel...
Big Fannie lossesFannie Mae lost $2.3 billion in the second quarter, more than triple what Wall Street expected. In response, the mortgage finance giant said it...
Blog-posts
After nearly six months of stalemate, things are finally starting to happen for holders of Auction Rate Securities (ARS) -- the $330 billion of long-term debt whose yield used to reset in weekly auctions. This morning, The Boston Globe reports that...
Under Cuomo’s settlement, Citigroup has agreed to buy back, no later than November 5, 2008, all illiquid auction rate securities from all Citigroup retail customers, charities, and small to mid-sized businesses. These customers, who...
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