N.Y Attorney General ends BofA probe - The Business Review (Albany):

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Cuomo says the banks have and will continue to provide liquidithyto investors. Last October, agreed to buy back as much as $4.7 billioh in auction-rate securities it sold to about 5,5009 investors, small businesses and small charities before the markety collapsed inFebruary 2008. Accordinyg to the Securities andExchange Commission, the settlement also required BofA to “use its best efforts” to providde up to $5 billion in liquidity to businesses and institutionalk investors with accounts valued at $15 million or and charities with accounts valued at $25 milliohn or more.
The agreement resolved allegations that securitiez dealers made misrepresentations to customers during saledof auction-rate securities about their safety and Auction-rate securities have interest rates that are resetf at weekly or monthly auctions run by investmenyt firms. The $330 billion market collapsee last year, when investors became alarmeds at the prospects of the abilit y of corporate borrowers covering debt service onthe securities. Many were left with securitiexs they could not sell intothe Charlotte, N.C.-based BofA (NYSE:BAC) neitherf admitted nor denied wrongdoing. BofA is the fift h largest bank inthe Albany, N.Y., area, with 42 branchesa and $1.3 billion in deposits.
The SEC also has finalizee a settlement with BofA overthe