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Inquiries Into Auction-Rate Securities WidenState regulators are stepping up their inquiries into auction-rate securities and how Wall Street banks sold them to investors. The attorney general of New York, Andrew M. Cuomo, has subpoenaed 18 banks that underwrote and brokered the investments, people with knowledge of the inquiry said on Thursday. Also, securities regulators from nine other states have formed a task force to look into the matter. Auction-rate securities are long-term bonds that were often sold as short-term investments because investors had the option of selling them at periodic auctions held every week or month. Municipalities, student loan companies and closed-end funds have issued about $330 billion of these bonds. In February, many investors found they could no longer get out of the securities because hundreds of auctions failed when several big banks trying to conserve their capital stopped bidding in the auctions they were administering. The regulators are looking at how banks disclosed the risks of auction failures to investors, mostly individuals and corporations. Mr. Cuomo’s office is also exploring how the securities were marketed to municipalities and public entities like the Port Authority of New York and New Jersey, which was forced to pay a “penalty” interest rate as high as 20 percent on some of its securities when the auctions first started failing in February. “Every state is hearing these complaints,” said Bryan J. Lantagne, the director of the Massachusetts Securities Division, which is leading the nine-state group that includes Florida, Georgia, Illinois, Missouri, New Hampshire, New Jersey, Texas and Washington. Among the banks that have been subpoenaed by Mr. Cuomo’s office are Citigroup, Merrill Lynch, Morgan Stanley and UBS, according to people with knowledge of the inquiry. Officials at the banks declined to comment on the inquiries. The nine-state inquiry has requested information from several banks, Mr. Lantagne said. Tag CloudExternal InformationAdditional InformationOne UK home in 10 ’to fall into negative equity’...The Case of a Sign Painter and Theft: On Page 1, a Paper Leads to a Suspect... Publishers Sue Georgia State on Digital Reading Matter... HSBC accused of homophobia in treatment of former banker... Where Am I?News Main Page - Business - Inquiries Into Auction-Rate Securities Widen |
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