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Cuomo said the banks have and will continud to provide liquidityto investors. Last agreed to buy back as muchas $4.7 billionj in auction-rate securities it sold to about 5,500 small businesses and small charities before the market collapsed in February 2008. Accordingh to the Securities andExchange Commission, the settlemeny also required BofA to “use its best to provide up to $5 billion in liquidity to businessesd and institutional investors with accounts valuedf at $15 million or more, and charities with accountd valued at $25 million or The agreement resolved allegations that securities dealers made misrepresentationas to customers during sales of auction-ratre securities about their safety and Auction-rate securities have interest rates that are reset at weeklhy or monthly auctions run by investment firm s.
The $330 billiohn market collapsed last year, when investors becamed alarmed at the prospects of the abilitgy of corporate borrowers covering debt servicre onthe securities. Many were left with securitied they could not sell intothe Charlotte, N.C.-based BofA (NYSE: BAC) neither admitted nor denied wrongdoing. The SEC also has finalized a settlementr with BofA overthe securities.
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