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: SECLaw.com

ARS Solution? - Citigroup to Buy Back ARS?

By Mark H. Astarita, Esq.

Citi talks with regulators may lead to buybacksHere is an interesting solution to the ARS liquidity problem. Reuters and the WSJ are reporting that Citigroup is in settlement talks with regulators to resolve allegations that it engaged in wrongful conduct in selling auction rate securities to its customers. The settlement? According to the reports, Citigroup could be buying back over 5 BILLION dollars worth of the securities from its customers.Good news for those Smith Barney investors who are holding the illiquid securities. Bad news for Citigroup shareholders........and probably for Smith Barney brokers. Someone is going to pay for a portion of that 5 billion dollars.

Full post as published by SECLaw.com on August 06, 2008 (boomark / email).

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