Posted AT 10:37 PM EST on 07/08/08
Banks begin mop-up: pay major fine
NEW YORK —
Citigroup Inc. and
Merrill Lynch & Co. Inc. plan to repurchase $20-billion (U.S.) of auction-rate securities from thousands of retail investors, a move that will likely force other banks to follow suit and accelerate a mop-up of the troubled $330-billion market.
As part of a settlement with New York Attorney-General Andrew Cuomo and the Securities and Exchange Commission, Citigroup will repurchase about $7.
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