David Enke submits: The WSJ has a nice article summarizing the auction-rate security mess, along with a short primer on what auction rate securities are, as well as how they are bought and sold through auction. Definitely worth the read for those interested in what has recently become a...
NEW YORK -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that Goldman, Sachs & Co. has entered into a settlement in principle with the Office of the Attorney General of the State of New York and the Illinois Securities Department (on behalf of the North American Securities Administrators...
OVERLAND PARK, Kan. -- In response to the continued volatility in the auction rate market, Tortoise Capital Advisors, LLC, the investment adviser for Tortoise Energy Infrastructure Corp. (NYSE: TYG), Tortoise Energy Capital Corp. (NYSE: TYY) and Tortoise North American Energy Corp. (NYSE: TYN), is providing updated information about its closed-end...
You've got to wonder what a semiconductor company is doing dabbling in now illiquid auction rate securities. As if the industry didn't have enough problems. From Lattice Semiconductor Corp.’s Q3’08 Conference Call: by SA Editor Judy Weil
Jake Zamansky submits: The New York State Attorney General and the other regulators participating in the auction rate securities [ARS] settlement talks are surely to be commended for their action and diplomacy. Auction rate securities clearly were fraudulently marketed to investors and without the regulatory pressure and investigations; there would...
Karl D'Cunha submits: This article was co-written by Brian M. Weber There has been an increased focus by the media on the ongoing disruption in the auction-rate security (“ARS”) market. While failures in ARS in 2007 were limited to certain, higher-risk securities, the entire market for ARS collapsed in...
NEW YORK -- Fitch Ratings assigns an 'A' rating to approximately $395 million Maryland Health and Higher Educational Facilities Authority revenue bonds, University of Maryland Medical System Issue UMMS, series 2006. The series A-F bonds will be issued as fixed-rate and auction-rate securities, and variable-rate demand bonds. The series A...
Teeka Tiwari submits: Over the last week or so we’ve seen many major Wall Street firms take huge hits on Auction Rate Securities. UBS, Lehman LEH, Merrill MER and Morgan Stanley MS have all agreed to buy back tens of billions of dollars worth of these securities from their clients....
NEW YORK -- JPMorgan Chase Bank, N.A. today announced that it has commenced a tender offer to purchase any and all of the outstanding student loan asset-backed auction rate notes of each of the following securitization trusts:
The top securities regulator in Massachusetts charged Merrill Lynch with fraud Thursday, claiming the brokerage giant knowingly misled investors in the auction-rate securities market, which ground to an unexpected halt in February. The action is the latest evidence that state and federal regulators are aggressively probing...
NEW YORK -- Morgan Stanley Investment Management will host a conference call on Friday, March 14, 2008 at 2:00 p.m. Eastern Time with Senior Management to discuss recent developments in the auction rate securities markets affecting Morgan Stanley closed-end funds.
NEW YORK -- Merrill Lynch & Co. (NYSE: MER) announced today that it has reached a global resolution with the New York Attorney General and state securities regulators to resolve issues related to sales of auction-rate securities. The firm also reached an agreement in principle with the staff of the...
Ron Haruni submits: Since beginning of fiscal ‘08, auction-rate securities have been failing, leaving in the process - investors stuck with highly illiquid bad paper and sometimes with no maturity date – with unrealistic yields, given the illiquidity of the securities. For those holding such paper, if the current...
CHARLOTTE, N.C., Oct. 8 /PRNewswire/ -- Bank of America today announced an agreement in principle with the Securities and Exchange Commission ("SEC"), the New York State Attorney General's Office ("NYAG") and a coalition of other state regulators represented by the North American Securities Administrators Association ("NASAA") under which it...
NEW YORK -- Over the past several days, the auction rate preferred share market has experienced a number of failed auctions across the industry. A number of Morgan Stanley closed-end funds (the "Funds") that have outstanding series of auction rate preferred shares ("ARPS") also have experienced failed auctions. These failed...
NEW YORK -- Real Estate Income Fund Inc., listed on the New York Stock Exchange under the symbol "RIT," announced today that it has filed an initial registration statement with the Securities and Exchange Commission to register additional shares of its Taxable Auction Rate Preferred Stock, Series M (liquidation preference...
Attorney Advertising. Notice is hereby given that a class action has been commenced in United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons or entities who purchased and/or repurchased auction rate securities offered for sale...
MIAMI -- ASTAR Air Cargo ASTAR announced today that it has filed an arbitration claim against Merrill Lynch, Pierce, Fenner & Smith, Inc. seeking compensatory damages of $9.125 million and punitive damages of at least $27.375 million. ASTAR's counsel, Dimond Kaplan & Rothstein, P.A. of Miami, filed the claim with...
Question-and-Answer SessionOperator Operator Instructions Your first question comes from Janet Kloppenburg - JJK Research. Janet Kloppenburg - JJK Research If you can talk a little bit about the investment spending that’s going on and in light of the tough economic environment that you sighted this morning if you had...
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