Posted on 08/13/2008 4:26:15 AM PDT by TigerLikesRooster
New York securities probe widens
New York attorney general, Andrew Cuomo, is expanding investigation to include JP Morgan, Morgan Stanley and Wachovia
Suzy Jagger
Andrew Cuomo, the New York Attorney General, has renewed his onslaught against America's biggest banks, announcing that he is now pursuing three other financial institutions for compensation from the auction rate securities (ARS) debacle.
Mr Cuomo said that he had contacted Wall Street banks JP Morgan Chase, Morgan Stanley and the American mortgage lender, Wachovia, and insisted that they begin settlement talks with lawyers representing the state of New York.
On Thursday, Citigroup and Merrill Lynch agreed to spend $17.3 billion buying back the so-called auction rate securities from around 70,000 of their clients. On Friday, UBS agreed to pay $22 billion in total, re-acquiring ARS assets from clients and paying fines to regulators.
(Excerpt) Read more at business.timesonline.co.uk ...
Ping!
I pay attention to all the stories that involve Chase which I think is a conservative bank.
Huh? JPM a dominant player in the derivatives business.
And that means they are not conservative? Please explain your thinking.
Explain your lack of thinking.
You first.
Southwest Airlines is the largest user of derivatives in the airline industry. Does that make them the most conservative or least conservative airline?
The use of derivatives makes a bank liberal? I’d like to know how.
He’s always good for a laugh when it comes to markets.
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