Market News: Merrill, Goldman, Deutsche Agree to Buy Back Auction-Rate Debt
Aug. 22 (Bloomberg) -- Merrill Lynch & Co., Goldman Sachs Group Inc. and Deutsche Bank AG agreed to pay $160 million in fines and buy back as much as $15 billion in failed auction-rate securities, settling probes by state regulators. The accords bring to eight the number of firms that settled claims in the last two weeks that they misled investors by fraudulently marketing the long-term securities as easy to buy and sell. Merrill, among the biggest underwriters of the debt, will redeem up to $12 billion and pay fines of $125 million, the second-largest penalty to date from the probes. ``It's been a great day of progress,'' said New York Attorney General Andrew Cuomo, who announced the agreements this afternoon. Merrill Chief Executive Officer John Thain, who took part in talks that led to yesterday's agreement, knew his firm had to ``step up to the plate,'' Cuomo said. Wall Street banks are settling claims stemming from a nationwide investigation into allegations banks peddled auction- rate securities as investments that were as liquid as cash. The $330 billion market seized up in February, when the credit crisis prompted banks to stop supporting the periodic auctions at which the long-term securities were bought and sold. Goldman will buy back $1.5 billion of the securities and pay a $22.5 million fine, Cuomo said. Deutsche Bank will redeem $1 billion of debt and was fined $15 million. Merrill, which offered on Aug. 7 to buy back $10 billion of debt starting in January, will now start buying it in October. http://www.bloomberg.com/apps/news?pid=20601100&sid=aWhYCrt_9SLc&refer=germany ------------------------------------ Kunjungi situs http://www.info-saham.com untuk informasi seputar saham. DILARANG KERAS MEMOSTING OPINI PRIBADI TENTANG POLITIK DI MILIS INI. Silahkan lakukan itu di milis [EMAIL PROTECTED] [EMAIL PROTECTED] untuk berhenti dari milis saham [EMAIL PROTECTED] untuk bergabung ke milis saham Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/saham/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/saham/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
