OMFG!! LOL!! RUSH bank Citigroup pays out billions/millions of fines <>!
LIBERATOR
about how intelligent he is, and how his witchcraft is not reality,
but fiction. The man has a denial problem from his arrogance problem.
Making me homeless - TWICE - then blaming Strong and Chos for it,
likely is what's one of the main factors driving Strong to do this to
RUSH, as well as other dirty, rotten, ethics that RUSH lives by.
Cheating, lying, stealing, framing people - this demands that RUSH is
taken down, and taken down hard! RUSH the spoilt selfish children whom
are EXTREMELY ARROGANT thus want their way with all things, practice
the dirty behaviors I mentioned, thus must be neutralized.
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Citigroup returning billions to investors
Company also to pay fines of $100 million
By Marcy Gordon, Associated Press
Thursday, August 7, 2008
Citigroup Inc. will buy back more than $7 billion in auction-rate
securities and pay $100 million in fines as part of settlements with
federal and state regulators, who said the bank marketed the
investments as safe despite liquidity risks.
Citigroup will buy back the securities from tens of thousands of
investors nationwide under separate accords announced Thursday with
the Securities and Exchange Commission, New York Attorney General
Andrew Cuomo and other state regulators. The buybacks from nearly
40,000 individual investors, small businesses and charities are not
expected to cause significant losses for Citigroup; they must be
completed by November.
The nation's largest financial institution also will pay $50 million
each in civil penalties to New York state and the North American
Securities Administrators Association, which represents securities
regulators in the 50 states and the District of Columbia.
The SEC also will consider levying a fine on Citigroup, the agency's
enforcement director Linda Thomsen, said at a news conference.
New York-based Citigroup agreed to reimburse investors who sold their
auction-rate securities at a loss after the market for them collapsed
in mid-February. Also under the SEC accord, Citigroup agreed to make
its best efforts to liquidate by the end of next year all of the
roughly $12 billion of auction-rate securities it sold to retirement
plans and other institutional investors. Cuomo said his office will
monitor that effort for three months and then decide on a time frame.
The $330 billion auction-rate securities market involved investors
buying and selling instruments that resembled regular corporate debt,
except the interest rates were reset at regular auctions - some as
frequently as once a week. A number of companies invested in the
securities because, thanks to the regular auctions, they could treat
their holdings as liquid, almost like cash.
Major issuers included companies that financed student loans and
municipal agencies like the Port Authority of New York and New Jersey.
In February, when banks such as Citigroup ceased backstopping the
auctions with supporting bids because of concerns about credit
exposure, the bustling market collapsed. That left some issuers paying
double-digit interest rates because of the terms under which they
issued the securities.
"These were conservative investors; that's why they bought these
securities," Cuomo said in a telephone interview. "These were not high-
risk investors."
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