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Three more more financial firms, including Merrill Lynch and Goldman Sachs, reached settlements over the sale of auction-rate securities, a $330 billion market that collapsed in February.
Merrill Lynch CEO John Thain met with New York Attorney General Andrew Cuomo on Thursday in an attempt to reach a settlement of the auction-rate securities probe, CNBC has learned.
Merrill Lynch reached a settlement with Massachusetts over auction-rate securities, the latest in a string a accords between regulators and Wall Street firms over the $330 billion market that collapsed in February
Merrill Lynch has until Friday to settle an auction-rate securities case with New York Attorney General Andrew Cuomo's office or it will face a lawsuit, Cuomo warned during a CNBC interview.
The Federal Reserve called Credit Suisse last month to check a rumor that the bank was preparing to pull a line of credit for Lehman Brothers, the Wall Street Journal reported on its web site on Thursday.
The top U.S. securities regulator plans to propose a new short selling rule in the next few weeks which would be broader than an emergency order covering just 19 financial stocks which ended last week
Billionaire investor Carl Icahn reported that he had increased his stake in Motorola to 144.1 million shares from 115.6 million shares the prior quarter. Meanwhile, George Soros raised his stake in Wall Street firm Lehman Brothers to 9.5 million shares.
A down day in Wednesday's market doesn't tell the whole story, Cramer says.
Lack of enforcement of key short-selling rules is going to bring back the pain we worked so hard to escape.
Short trading in 19 major U.S. financial stocks will revert to rules governing other shares Wednesday as a Securities and Exchange Commission experiment against abusive short selling expires.
Swiss bank UBS has agreed to buy back $19.4 billion of debt securities whose value collapsed during the global financial crisis and to pay $150 million in fines to settle charges it misled investors, Massachusetts' top securities regulator said.
Melissa Lee has more on the unfolding Merrill Lynch story, with details on its offer to buy back $12B auction rate securities from over 30,000 of its clients, and the ramifications on other Wall Street firms.
Melissa Lee reports a breaking story linked to Citi's settlement and buyback of auction rate securities during tonight's "Fast Money." In an after-hours announcement, another Wall Street giant, Merrill Lynch, stated it too would buy back auction rate securities from its retail clients, who currently hold $12B of those questionable securities.
"[The] stock market: a loser across the board. It was a loser early, it stayed a loser and became a bigger loser as the day went on," Dylan summed up Thursday's trading with that one statement, as AIG and Wal-mart lead the Dow's one-day, 225-point dive. A few lone tech stocks were the only winners in an otherwise distressed market. Adding to the bearish environment was the morning's new jobless claim numbers, the highest reported in several months.
Citigroup will buy back more than $7 billion in auction-rate securities and pay $100 million in fines as part of settlements with federal and state regulators, who said the bank marketed the investments as safe despite liquidity risks.
A multi-state task force is probing a total of 12 Wall Street firms, including Citigroup, over how they handled clients' investments in auction rate paper, the Texas state securities commissioner said on Thursday.
AIG reports weak earnings and further write-downs, while GE says the Beijing Olympics will help boost the company's brand image. Following are today's top videos:
Bank of America, the largest U.S. retail bank, said on Thursday it received subpoenas and requests for information relating to auction-rate securities from federal and state government agencies.
U.S. securities regulators have extended through Aug. 12 an emergency rule aimed at curbing abusive short selling in the stocks of 19 major financial firms, including mortgage giants Freddie Mac and Fannie Mae.
If the Commission chooses to no longer enforce its naked short selling rule, the financials could be in some real trouble.