Citigroup and Merrill Lynch agree to buy back $17 billion in auction-rate securities from US retail investors; Citi fined $100 million for “deceptive behavior”
Aug 8th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Citigroup and Merrill Lynch agreed on Thursday to buy back more than $17 billion of troubled auction-rate securities that they had marketed as being as safe and as liquid as cash but weren't. Citi is to pay fines of $100 million for "deceptive behavior."