Goldman and Deutsche Bank join Auction Rate Securities settlement bandwagon - Peter Cohan

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1 pt	Goldman and Deutsche Bank join Auction Rate Securities settlement bandwagon
	Aug 21, 2008 07:20 PM UTC

Peter Cohan

Return	Risk
-36.85%	HIGH

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Symbol	Sentiment	Start	Return	Closed
GS	n/a
LEH	n/a
MER	n/a
BAC	n/a
ETFC	n/a
SCHW	n/a

Via BloggingStocks:

Filed under: Bank of America (BAC), Charles Schwab Corp (SCHW), Merrill Lynch (MER), Goldman Sachs Group (GS), Lehman Br Holdings (LEH), E*TRADE (ETFC)

Now eight large brokerage firms have settled with Auction Rate Securities (ARS) investors. This afternoon Bloomberg News reports Goldman Sachs (NYSE: GS) and Deutsche Bank settled with state regulators. Merrill Lynch & Co., Inc. (NYSE: MER) announced another prong of its settlement earlier in the day.

What are the terms of the settlement for the latest two? Bloomberg writes that "Goldman will buy back $1.5 billion of the securities and pay a $22.5 million fine. Deutsche Bank will redeem $1 billion of debt and was fined $15 million." In addition to the rogues gallery of big ARS issuers who have yet to settle, investigators are targeting medium-sized brokers -- Charles Schwab (NYSE: SCHW), Fidelity Investments and E*Tra

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Goldman Sachs Group Inc The (GS)

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58.5%

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0.0%

Lehman Brothers Holdings Inc (LEH)

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0.0%

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Merrill Lynch & Co Inc (MER)

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14.5%

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