Friday, August 8, 2008

The Citi Snowball

Looks like the Citi settlement is going to cause a snowballing effect:

UBS to buy back stricken debt securities:
Swiss bank UBS has agreed to buy back $19.4 billion of debt securities whose value collapsed during the global financial crisis, and to pay $150 million in fines to settle charges that it misled investors, a Massachusetts official said on Friday.

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