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Citi Talks With Regulators May Bring Billions in Buybacks
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Citigroup is in negotiations with the New York state Attorney general's office, the SEC and other state securities regulators for alleged fraud in the marketing and sales of auction-rate securities, and for wrongly telling customers that the securities were safe and liquid and cash-equivalent. Mr. Cuomo the NY state Attorney General's office said that Citigroup failed to tell investors that from August 2007 until early 2008 the market for auction-rate securities was kept afloat primarily because the bank placed bids in auctions for the securities. UBS also faces similiar charges. If Citigroup reaches an agreement it could be forced to spend more than $5 billion to buy out individuals, charities and other investors whose cash is tied up in the frozen auction-rate securities market, and it could face a fine of $100 million.
Governor Andrew Cuomo of New York
08/06/2008
The former attorney general of New York, and now Governor of the state. Cuomo was faced with the financial crisis of 2008-2009, and now faces the difficult job of sorting out the state's finances.
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