The News Review:
- Ex-Credit Suisse Broker Lied About ARS Deals – Tzolov
- Sellers of auction rate securities settle with Kansas
- Treasurys mostly fall as gov’t announces auction
- Finlay files for bankruptcy Zale closes stores
- Historic Va. Hotel Sold at Auction for $2 Million
- JGBs dip on Nikkei rise but auction hope limits losses
- Merrill Lynch Sued By Teva Seneca Gaming ver ARS Sales
Ex-Credit Suisse Broker Lied About ARS Deals – Tzolov
Wall Street Journal
) NEW YRK (Dow Jones)–Ex-Credit Suisse Group (CS) broker Julian Tzolov testified Thursday that he and Eric Butler another former Credit Suisse broker lied to clients about how they were investing client funds in auction-rate securities. Tzolov who is testifying as a government witness said he and Butler represented to clients in person on the telephone and by email that they would invest client funds in auction-rate securities backed by federally guaranteed student loans. Instead they invested client funds in auction-rate securities backed by collateralized debt obligations and credit linked-securities including.
Sellers of auction rate securities settle with Kansas
Kansas City Star
Kansas Securities Commissioner Chris Biggs said Wednesday that Banc of America Securities had paid $2. 83 million Merrill Lynch had paid $959556 Wachovia Securities had paid $633090 and Citigroup Global Markets had paid $600144. The fines represented Kansas? proportional amounts of settlements negotiated by a multistate task force of state regulators formed by the North American Securities Administrators Association Biggs said in a statement. The four firms also agreed to repurchase auction rate securities from clients.
Treasurys mostly fall as gov’t announces auction
The Associated Press
The government has been issuing massive amounts of debt in part to pay for its efforts to reinvigorate the economy and stabilize the banking system and the anticipation of another flood of debt weighed on prices. 69 percent late Tuesday.
Finlay files for bankruptcy Zale closes stores
Reuters
Congress jewelryretail chains and jewelry departments at The Bon Ton storessought bankruptcy protection in a Manhattan court late onWednesday saying it plans to liquidate its assets if itreceives no better offers at an Aug. 31 bankruptcy auction. Zale said on Thursday that the company had closed the 118stores during its fiscal fourth quarter bringing its totalstore closures to 191 for 2009. Zale had sold the 177-year-old Bailey Banks & Biddle chainto Finlay in 2007 for $200 million. Finlay had historically sold most of its jewelry throughlicensed retail locations in U. department stores such aseMacy’s Inc (.
Historic Va. Hotel Sold at Auction for $2 Million
New York Times
Hotel Sold at Auction for $2 Million – NYTimes. (AP) — A historic downtown Roanoke hotel in foreclosure has been sold at auction for $2 million. (AP) — A historic downtown Roanoke hotel in foreclosure has been sold at auction for $2 million.
JGBs dip on Nikkei rise but auction hope limits losses
Reuters
1 trillion yen ($22. 1 billion) 10-yearsale and participants are hoping this success could be repeatedat the 600 billion yen 30-year offering on Thursday. “The auction is expected to proceed without too much troubleas the 30-year appears to be at an attractive buying levelfollowing the steepening in the super-long sector and with yieldsabove 2. 3 percent” said Shinji Ebihara a quantitative analystat Mizuho Securities. Japan’s Ministry of Finance will reopen for the second timethe 2. 3 percent coupon 30-year JGBs it issued in April andreopened in June. The auction results will be released at 0345GMT.
Merrill Lynch Sued By Teva Seneca Gaming ver ARS Sales
CNNMoney.com
(TEVA) has suedMerrill Lynch & Co. for alleged misrepresentations regarding its purchase of $273 million in auction-rate securities. The lawsuit filed in U. District Court in Manhattan late Wednesday claimsMerrill Lynch was “secretly manipulating” the auction process for auction-ratesecurities it underwrote and made “material omissions about the nature andcharacteristics” of the securities. “Teva believed that each of these securities would perform like a short-terminvestment-grade debt security and would pay a market rate of interest forsimilar securities” one lawsuit said. “Teva also believed that these securitieswere highly liquid and could be sold at par if not immediately then in theperiodic auctions.
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