2008-08-07 — breitbart.com
Citigroup Inc. 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.
Citigroup will buy back the securities from tens of thousands of investors nationwide under separate accords announced Thursday with the Securities and Exchange Commission, New York Attorney General Andrew Cuomo and other state regulators. The buybacks must be completed by November.
Fire up those tin cups, boyz.
UBS, Morgan Stanley and Merrill Lynch also had similar suits and in some cases already settlements.
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