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    Regional securities firms are rallying against efforts by New York State Attorney General Andrew Cuomo to have brokerage firms repay investors who purchased auction rate securities.

  • A Wachovia branch bank.

    Wachovia plans to buy back nearly $9 billion in auction-rate debt, settling federal and state probes and making it the fifth major bank this month to agree to help stabilize the debt market.

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    New York Attorney General Andrew Cuomo said Friday he is sending a letter to Merrill Lynch notifying the investment bank that his office will file suit against it imminently as part of an investigation into the collapse of the auction-rate securities market.

  • Various state regulators and the U.S. Securities and Exchange Commission are investigating whether banks and brokerages that underwrote auction-rate securities—a $330 billion market of long-term debt whose yields reset through weekly or monthly auctions—falsely or fraudulently told clients that the securities were as safe and as liquid as cash.

  • The New York Stock Exchange, downtown New York City.

    New York Attorney General Andrew Cuomo told CNBC that his investigation into auction-rate securities sold by banks and brokerages is far from over.

  • The New York Stock Exchange, downtown New York City.

    JPMorgan Chase and Morgan Stanley agreed to repurchase a combined $7 billion in auction-rate securities as part of a settlement with regulators.

  • The New York Stock Exchange, downtown New York City.

    Some Wall Street banks and brokerages are nearing a settlement with regulators over allegations that they misled investors over the sale of auction-rate securities, CNBC has learned.

  • Stocks will be on inflation watch Thursday.  Volatile trading in oil and commodities promises to spill into the stock market again. On Wednesday, energy and other commodities rose, reversing a selling trend and worrying investors, who have been hoping for a reprieve from inflation.

  • Stocks should continue to take most of their cues from oil and the dollar Wednesday, but July retail sales data could also be key.

  • Some big Wall Street banks may have been premature in believing New York State's investigation into auction-rate securities was over, people inside New York Attorney General Andrew Cuomo's office told CNBC.

  • Stocks closed lower—even though oil fell to $113 a barrel—as a fresh round of warnings about banking troubles squelched the market's week-long rally.

  • European shares ended with losses on Tuesday as the region's financial stocks suffered following further writedowns from the third-largest U.S. bank JPMorgan.

  • Credit Crunch

    The financial sector took several more body blows as losses from the credit crisis continued to mount at some of the world's biggest banks.

  • New York Stock Exchange (NYSE)

    Smaller financial firms have found a way to capitalize on their larger rivals' woes, moving to snap up some of the top talent cast adrift by sweeping layoffs at leading investment banks.

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    UBS will separate its investment bank from its prized wealth management arm, paving the way to sell the business that made it Europe's biggest casualty of the credit crunch.

  • Commodities and inflation remain the main story, and while stocks are well off their July lows, the advance remains tentative due to concerns about a slower global economy.

  • Stocks moved lower off the market opening on a fresh round of bad news for financials and an economic sign that the US consumer was continuing to struggle.

  • From mid-July to late July short interest dropped 5.34 percent, on average, in the shares of 17 major financial firms affected by the U.S. Securities and Exchange Commission emergency short-selling rule, according to the latest data from the exchange.

  • A Wachovia branch bank is shown in a Charlotte, N.C. file photo from July 20, 2006. After a rough year, the banking industry appears headed for another in 2007. (AP Photo/Chuck Burton, File)

    Wachovia increased its previously reported second-quarter loss to $9.11 billion to cover costs to settle a probe of auction-rate securities sales, and said it will cut more jobs as the housing market deteriorates.

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