"As long as the music is playing, you've got to get up and dance. We're still dancing"
- Former Citigroup CEO Chuck Prince, drunk on his housing bubble bonuses and before he lost his job and his company's stock collapsed, July 2007
August 07, 2008
HousingPANIC Classic Quote of the Day
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10 comments:
Idiot
That song was the fat lady singing!
Dirty Dancing??
With the SEC acting like a distracted 'chaperone' while they 'make-out' on the darkened 'dance floor' of the NYSE...
These bankster con artists will soon be doing the latest Wall Street dance craze: The Perp Walk.
And it's always done with the lights on...
Donna Summer's - Last Dance?
Will he ever dance again?
"Itch Cocks!"
How did Chuck Prince loose out?
He earned multi-million dollar bonuses, he has been a given a golden parachute pay off and he now can spend the rest of his life
playing golf, while collecting a huge pension
How many of you rentors can come close being able to do like wise
Keith needs to stop living in his fantasy free market world and learn how to work the system
Keith dude you kill me. How do you even begin to find this stuff?
GRAMPS WITH SOME MAD STEPS AT 3:17!!!
Bank of America subpoenaed over sale of securities
The Associated Press
Article Launched: 08/07/2008 02:18:39 PM PDT
NEW YORK—Bank of America Corp. revealed Thursday that it has received subpoenas and requests for information from various state and federal regulators regarding its sale of auction-rate securities.
In a filing with the Securities and Exchange Commission, the Charlotte, N.C.-based bank said subsidiaries Banc of America Investment Services Inc. and Banc of America Securities LLC are cooperating fully with the requests.
Auction-rate securities are bonds whose interest rates are set at periodic auctions, on the basis of bids submitted. The market collapsed in February amid turmoil in the credit markets.
Regulators have been investigating some banks' involvement in the sale of the securities.
Earlier Thursday, Citigroup Inc. said it reached a settlement with the New York Attorney General and regulators to repurchase $7 billion in auction-rate securities and pay $100 million in fines.
Regulators claimed the investments were marketed as safe even when banks knew of liquidity risks during the downturn in the credit markets.
According to the SEC filing, four purported class action lawsuits have also been filed against Bank of America on behalf of purchasers of auction-rate securities. The cases relate to the sale of the investments between May 2003 and February 2008 and allege that the bank violated certain securities laws in regards to its marketing and sale of the securities.
The actions seek unspecified damages and attorneys'
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fees.
A related individual federal action as well as several related Financial Industry Regulatory Authority arbitrations have also been filed, the bank said.
A Bank of America representative was not immediately available for comment.
Bank of America shares tumbled $1.93, or 5.8 percent, to close at $31.52. Shares are down about 19 percent for the year.
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