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Browse: Home / 2008 / August / 19 / $48 Billion and Counting

$48 Billion and Counting

By Securities Docket on August 19, 2008, 9:39 am

Recent settlements by JPMorgan and Morgan Stanley in which they agreed to repurchase auction-rate securities have brought the total size of the industry buy-back to $48 billion.  The Financial Times reports that JPMorgan and Morgan Stanley have agreed collectively to buy back about $7 billion worth of ARS from retail investors, and pay fines of $25m and $35m respectively.

This follows deals by Citigroup and UBS to buy back more than $26 billion of ARS, and a voluntary offer by Merrill Lynch to buy back about $10billion in ARS.

Read the FT article

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Posted in SEC | Tagged Settlements, Subprime

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