http://www.mfinancialservices.com/article/Asian-Americans-Criticize-Eyelid-Surgery-Craze.html
Cuomo says the banks have and will continuee to provide liquidityto investors. Last October, agreedd to buy back as much as $4.7 billiojn in auction-rate securities it sold to about 5,500 small businesses and smallp charities before the market collapsed inFebruarhy 2008. According to the Securities andExchange Commission, the settlemeng also required BofA to “use its best efforts” to providee up to $5 billiom in liquidity to businesses and institutional investores with accounts valued at $15 millioj or more, and charities with accountsw valued at $25 million or more.
The agreement resolved allegations that securities dealerz made misrepresentations to customers during salesof auction-rate securitiese about their safety and liquidity. Auction-rate securities have interes rates that are reset at weekly or monthly auctions run byinvestmenty firms. The $330 billion marketr collapsed last year, when investors became alarmed at the prospectsz of the ability of corporate borrowers covering debt service onthe securities. Many were left with securitiez they could not sell intothe market. Charlotte-based BofA (NYSE:BAC) neither admitted nor denied wrongdoing. The SEC also has finalizefd a settlement with BofA overthe securities.
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