B. of A. to settle auction-rate securities probes
By Alistair Barr, MarketWatch
Last Update: 9/5/2008 12:59:00 PM
SAN FRANCISCO (MarketWatch) — Bank of America Corp. said Friday that it is close
to settling probes into its actions in the defunct auction-rate securities
market.
The bank has been working for nearly a month with the New York attorney general’s
office and the Massachusetts [...]
3rd UPDATE: Three Banks Agree To Buy Back Billions Of ARS
Last Update: 8/21/2008 8:18:38 PM
(Updates with SEC comment on settlement with Merrill Lynch in the works in
paragraphs 13 and 14, Goldman Sachs statement in paragraph 17, and Bank of
America declining to comment in paragraph 23.)
By Chad Bray
Of DOW JONES [...]
Goldman sees more pain for banks, brokers
Analysts cut profit estimates and warn of more write-downs, asset sales
By John Spence, MarketWatch
Last Update: 8/20/2008 3:13:00 PM
BOSTON (MarketWatch) — Goldman Sachs analysts became the latest to chop their
profit estimates on bank and brokerage stocks on the expectation of more ugly
write-downs triggered by the ongoing tumult in credit markets.
“We [...]
Auction-rate settlements leave investors hanging
By Sam Mamudi, MarketWatch
Last Update: 8/18/2008 10:20:00 AM
NEW YORK (MarketWatch) — Despite the recent rash of auction-rate securities
settlements between regulators and the Wall Street banks, investors shouldn’t
hold their breath waiting to be cashed out.
For all the excitement of the past week, the narrow terms of the agreements mean
that only investors who [...]
UPDATE: Senator Seeks Higher Fines For Banks In ARS Cases
Last Update: 8/15/2008 6:35:44 PM
(Updates with Citigroup’s no comment, and hypothetical example from Grassley
about a potential fine and tax effect.)
By Martin Vaughan
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)–A senior Republican senator wants the Securities and
Exchange Commission to ensure that banks [...]
Wachovia to buy back auction-rate securities
Bank reaches agreement with regulators to repurchase about $9 billion
By John Spence, MarketWatch
Last Update: 8/15/2008 12:45:00 PM
BOSTON (MarketWatch) — State and federal regulators said Friday that Wachovia
Corp. has agreed to a preliminary settlement related to the sale of roughly $9
billion in auction-rate securities, the market for which collapsed earlier this
year.
Charlotte, [...]
DOW JONES NEWSWIRES
A “global” settlement with Wall Street investment banks that sold auction-rate
securities to customers who may have been misled about the bonds is “imminent”
and could be announced as early as Wednesday, CNBC’s Charlie Gasparino reported,
citing sources familiar with the matter. The settlement would involve the New
York State Attorney General’s Office, [...]
UBS executives reportedly knew of rule violations
By Simon Kennedy, MarketWatch
Last Update: 8/13/2008 10:25:00 AM
LONDON (MarketWatch) — Senior UBS executives, including its current CEO and
chairman, knew some of their bankers may have breached U.S. securities laws at
least a year before a probe began, according to a report Wednesday.
In a May 2006 letter, Chairman Peter Kurer, who [...]
BOSTON (MarketWatch) — Massachusetts Secretary of the Commonwealth William
Galvin has filed a complaint against Merrill Lynch & Co. related to the sale of
auction-rate securities, the market for which blew up during the credit crunch.
Among other things, the complaint alleges Merrill co-opted its research
department “to assist in sales efforts geared towards reducing its inventory of
auction-rate securities.” [...]
Mass Charges Merrill With Fraud In Auction-Rate Sec Sale
Last Update: 7/31/2008 10:46:11 AM
DOW JONES NEWSWIRES
The Massachusetts Secretary of the Commonwealth charged Merrill Lynch & Co. (MER)
with fraud in pushing the sale of auction-rate securities while “misstating the
stability of the auction market itself.”
“This company was aggressively selling ARS to investors and its [...]
NEW YORK (MarketWatch) — New York Attorney General Andrew Cuomo on Thursday
filed a lawsuit against Swiss banking giant UBS , alleging that the firm deceived
investors in auction rate securities by telling clients the investments were cash
equivalents. He also claimed senior executives at the firm divested themselves of
$21 million of auction rate securities as the market [...]
UBS Takes $974M Markdown On ARS, Similar Securities >UBS
Last Update: 5/6/2008 7:13:50 PM
DOW JONES NEWSWIRES
UBS AG (UBS), which in March said that it would mark down auction-rate securities
in its client accounts, on Tuesday reported a markdown of $974 million for its
own inventory of auction-rate securities and variable rate demand obligations.
The disclosure came in a filing [...]
Skechers 1Q Earnings Rise 37% To $32.8M >SKX
Last Update: 4/23/2008 4:15:17 PM
DOW JONES NEWSWIRES
Skechers USA Inc.’s (SKX) first-quarter earnings rose 37% to $32.8 million, or 70
cents a share, from $23.9 million, or 52 cents a share, as the company said it
saw growth across its international wholesale and retail operations.
Revenue increased 12% to $384.9 million from [...]
Citi posts $5 bln loss on about $12 bln write-down
By Greg Morcroft, MarketWatch
Last Update: 6:56 AM ET Apr 18, 2008
NEW YORK (MarketWatch) — Citigroup, the nation’s largest bank, said on Friday it
lost $5.1 billion, or $1.02 a share, in the first quarter as it wrote down about
$12 billion of soured mortgage investments and other credit-related [...]
Auction-rate market to cease, predicts Citigroup
Fund companies with better alternatives, such as Schwab, may benefit
By Laura Mandaro, MarketWatch
Last Update: 3:24 PM ET Apr 15, 2008
SAN FRANCISCO (MarketWatch) — The auction-rate market’s days are numbered, said
Citigroup on Tuesday, and it forecast fund companies that sidestepped the
securities, such as Charles Schwab & Co., stand to benefit.
“The auction-rate [...]
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