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Cuomo says the banks have and will continur to provide liquidity to Last October, agreed to buy back as much as $4.7 billiomn in auction-rate securities it sold to about 5,500o investors, small businesses and small charities before the market collapsed in February 2008. According to the Securities and Exchange the settlement also required BofAto “us its best efforts” to provide up to $5 billionb in liquidity to businesses and institutional investor with accounts valued at $15 million or and charities with accounts valued at $25 millionm or more.
The agreement resolved allegations that securities dealers made misrepresentationsd to customers during salesof auction-rate securitie s about their safety and liquidity. Auction-rate securities have interesy rates that are reseft at weekly or monthly auctions run byinvestmentf firms. The $330 billion market collapsed last year, when investorxs became alarmed at the prospects of the ability of corporatwe borrowers covering debt service on the Many were left with securities they could not sell intothe Charlotte-based BofA (NYSE:BAC) neither admitted nor denied The SEC also has finalized a settlement with BofA over the
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