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08/18/2008 10:39 AM ID: 72804 Permalink   

US Banks Refund US$7 Billion After Misleading Investors

 

US banks Morgan Stanley and JP Morgan Chase have agreed to refund US$7 billion to its clientele in a buy-back scheme fleshed out with the New York Attorney General and other investigating regulators.

The banks had been accused of marketing auction-rate securities as a safe buy option, which was untrue. Other firms are also being investigated. Morgan Stanley has agreed to buy back US$4.5 billion worth of such securities by December.

JP Morgan Chase agreed to redeem approximately US$3 billion worth of auction-rate securities. Both banks will also pay fines to the state of New York worth millions of dollars.

 
  Source: news.bbc.co.uk  
    WebReporter: Lois_Lane Show Calling Card      
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  3 Comments
  
  What they mean  
 
"Morgan Stanley and JP Morgan Chase mere months away from asking congress for taxpayer-funded bailout after next quarter earnings estimate is adjusted down."

This is going to cost us in the long run, I'm sure. BAH!

~Syl
 
  by: morgora     08/18/2008 04:20 PM     
  Personally  
 
If i had shares in such a big bank i would want to keep them. What goes down has to come up again.Chaos theory and all that.
Apart from that this so called recesion is only gonna last a year.
 
  by: steve2045     08/18/2008 11:54 PM     
  @steve  
 
I'm not certain if you're just talking about shares in the bank in general, or if you're talking about the securities that are to be refunded here.

The securities to be refunded are not shares held in the company. I'm hoping that you just made some semi-off topic comment that had loose strings holding it to this story.

Otherwise you've got it completely mixed up.
 
  by: pcXXXtreme   08/19/2008 05:11 AM     
 
 
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