Merrill Lynch to pay $2 million in Orange County case
Article Abstract:
Merrill Lynch and Company is planning to pay $2 million in a settlement agreement with the Securities and Exchange Commission. The case stemmed from a dispute over the proper disclosure of information with buyers of Orange County, California, bonds, which the firm was underwriting. The bonds, which had a value of $875 million, were issued by Orange County prior to its filing for bankruptcy after losing $1.6 billion on investments. Merrill Lynch, according to the SEC, had information about the county's deteriorating financial status prior to underwriting the bond issue.
Comment:
Planning to pay $2 mil in settlement agreement with the Securities and Exchange Commission over Orange County case
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Panel clears overhaul bill on banking
Article Abstract:
The Senate Banking Committee approved legislation to overturn Depression era restrictions. The legislation allows American financial services companies to operate world wide with less restrictions than under current law. The committee approved the bill 16 to 2. The legislation repeals barriers separating Wall Street brokers, insurance companies and commercial banks. It allows them to merge more easily into huge financial conglomerates.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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