Auction-Rate Debt Probe Is Far From Over: Cuomo
New York Attorney General Andrew Cuomo told CNBC that his investigation into auction-rate securities sold by banks and brokerages is far from over.
"We're literally going down the list," Cumo said in a live interview. "We're starting at the top and working our way down."
Cuomo's comments came after announcing earlier Thursday a settlement with two big brokerages, PMorgan Chase and Morgan Stanley, which agreed to repurchase a combined $7 billion in auction-rate securities.
Morgan Stanley MORGAN and JP Morgan Chase JPMORGAN CHASE will also pay a combined $60 million in fines, Cuomo said. Morgan Stanley will pay $35 million while JPMorgan will pay $25 million, Cuomo said.
Last week, regulators reached settlements that required Swiss bank UBS to repurchase $18.6 billion in the securities, while Citigroup CITIGROUP agreed to buy back $7 billion of the securities.
New York Attorney General Andrew Cuomo told CNBC that his investigation into auction-rate securities sold by banks and brokerages is far from over.
"We're literally going down the list," Cumo said in a live interview. "We're starting at the top and working our way down."
Cuomo's comments came after announcing earlier Thursday a settlement with two big brokerages, PMorgan Chase and Morgan Stanley, which agreed to repurchase a combined $7 billion in auction-rate securities.
Morgan Stanley MORGAN and JP Morgan Chase JPMORGAN CHASE will also pay a combined $60 million in fines, Cuomo said. Morgan Stanley will pay $35 million while JPMorgan will pay $25 million, Cuomo said.
Last week, regulators reached settlements that required Swiss bank UBS to repurchase $18.6 billion in the securities, while Citigroup CITIGROUP agreed to buy back $7 billion of the securities.
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