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View Diary: Hi. I'm Elaine Marshall, candidate for US Senate. Can we talk? (305 comments)

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  •  Credit Suisse settlement (3+ / 0-)
    Recommended by:
    polecat, ajsuited, momoaizo

    The Securities Division of the North Carolina Secretary of State's Office led an investigation of allegations that Credit Suisse misled clients by falsely assuring them that auction rate securities were as safe and liquid as cash. The auction rate markets froze in February, triggering complaints from investors who couldn't withdraw money from their accounts
    Under the terms of the settlement, Credit Suisse agreed to buy back by Dec. 11 all auction rate securities purchased through the firm by individual investors since Feb. 14 that haven't been auctioned. The deal also calls for the firm to fully reimburse individual investors who sold their auction rate securities at a discount after the market failed, resolve investors' damage claims through arbitration and pay $15 million in civil penalties to states.

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