Aug 17, 2008 - 04:06:35 CDT
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Wachovia will buy back securities
CHARLOTTE, N.C. - Wachovia Corp. on Friday agreed to buy back up to $8.8 billion in auction-rate securities and pay a $50 million fine, the latest bank caught in a regulatory crackdown of the bonds.
The market for auction-rate securities has been quickly unraveling since the end of the previous week, when Citigroup Inc. announced it would buy back $7.5 billion in the securities and pay $100 million in fines as part of its settlement with state and federal regulators. Since then, UBS, JPMorgan Chase & Co., and Morgan Stanley have also settled with regulators. Merrill Lynch & Co. has said it will voluntarily start to buy back the securities.
McClatchy Newspapers
CHARLOTTE, N.C. - Wachovia Corp. on Friday agreed to buy back up to $8.8 billion in auction-rate securities and pay a $50 million fine, the latest bank caught in a regulatory crackdown of the bonds.
The market for auction-rate securities has been quickly unraveling since the end of the previous week, when Citigroup Inc. announced it would buy back $7.5 billion in the securities and pay $100 million in fines as part of its settlement with state and federal regulators. Since then, UBS, JPMorgan Chase & Co., and Morgan Stanley have also settled with regulators. Merrill Lynch & Co. has said it will voluntarily start to buy back the securities.
McClatchy Newspapers
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