New York Bank Probe Not Over Yet: Cuomo's Office

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.

In fact, the investigation is continuing and includes firms like JP Morgan Chase, Goldman Sachs, and Lehman Brothers, these people say.

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Specifically, he says that neither addresses the issue of damages—or making people whole who already sold their auction rate securities at less than par because the firms wouldn't make good on their promise to hold auctions and the market declined.