As regulators investigate banks in the wake of the collapse of the auction rate security market in February, several have offered to buy back ARS from investors. Morgan Stanley’s offer to buy back $4.5 billion in ARS was shot down by New York Attorney-General Andrew Cuomo as “too little, too late,” according to the Financial Times. Citigroup, UBS and Merrill Lynch will buy back a total of more than $41 billion in ARS.
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