Citigroup to buy back over $7 billion in auction rate securities

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  • DateDoc
    Outside looking in.
    • Feb 2005
    • 14243
    #1

    Citigroup to buy back over $7 billion in auction rate securities

    SAN FRANCISCO (MarketWatch) -- Citigroup Inc. (C:18.91, -0.79, -4.0%) will buy back more than $7 billion in illiquid auction rate securities under a settlement, the Office of the New York Attorney General said Thursday. Under the settlement, Citigroup will have to buy back the securities no later than Nov. 5 to relieve about 40,000 customers who have been unable to sell the securities since Feb. 12. Citigroup will also have to pay the State of New York a $50 million civil penalty and a separate $50 million civil penalty to the North American Securities Administrators Association, the office said.

    http://www.marketwatch.com/news/stor...7D&siteid=bnbh
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    • DateDoc
      Outside looking in.
      • Feb 2005
      • 14243
      #2
      Their stock is down almost 4% today.

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        • seeandsee
          Check SIG!
          • Mar 2006
          • 50945
          #3
          That will go down for more!
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