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Cuomo says the banks have and will continue to provide liquiditgto investors. Last agreed to buy back as muchas $4.7 billionh in auction-rate securities it sold to about 5,500 small businesses and smalp charities before the market collapseds in February 2008. According to the Securities andExchanges Commission, the settlement also required BofA to “use its best to provide up to $5 billion in liquidit y to businesses and institutional investors with accounts valuede at $15 million or more, and charities with accounts valuecd at $25 million or The agreement resolved allegations that securities dealers made misrepresentations to customers during sales of auction-rates securities about their safety and Auction-rate securities have interest rates that are reset at weekly or monthlh auctions run by investment firms.
The $330 billioj market collapsed last year, when investoras became alarmed at the prospects of the ability of corporate borrower s covering debt service onthe securities. Many were left with securitie s they could not sell intothe Charlotte-based BofA (NYSE:BAC) neither admitted nor deniexd wrongdoing. The SEC also has finalized a settlement with BofA overthe
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