{"id":194929,"date":"2008-08-07T23:05:00","date_gmt":"2008-08-08T04:05:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/08\/07\/citi-settles-on-auction-rate-securities-fraud-probe\/"},"modified":"2008-08-07T23:05:00","modified_gmt":"2008-08-08T04:05:00","slug":"citi-settles-on-auction-rate-securities-fraud-probe","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/08\/07\/citi-settles-on-auction-rate-securities-fraud-probe\/","title":{"rendered":"Citi Settles on Auction Rate Securities Fraud Probe"},"content":{"rendered":"<p>They have settled with NY State AG Andrew Cuoma by <a href=\"http:\/\/www.cnbc.com\/id\/26072083\">agreeing to buy back $7 billion in auction rate securities and paying a $100 million fine<\/a>, and to, &#8220;Use its &#8216;best efforts&#8217; to liquidate&#8221; an additional $12 billion in ARS by the end of 2009.<\/p>\n<p>This is about the fact that Citi, and most of the other banks involved in the auction rate securities, sold these as being just as liquid as a money market account, and the market then froze up, locking up $300+ billion.<\/p>\n<p>I would expect increased pressure for other bankers to settle too.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>They have settled with NY State AG Andrew Cuoma by agreeing to buy back $7 billion in auction rate securities and paying a $100 million fine, and to, &#8220;Use its &#8216;best efforts&#8217; to liquidate&#8221; an additional $12 billion in ARS by the end of 2009. This is about the fact that Citi, and most of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,985],"tags":[],"class_list":["post-194929","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194929"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=194929"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194929\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=194929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=194929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=194929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}