BofA buys back $43M ARS from Mass.

The Massachusetts Turnpike Authority and the Massachusetts Housing Partnership will be repaid $18 million and $25 million, respectively.
AUG 28, 2008
By  Bloomberg
An earlier headline read BofA buys back $43B ARS from Mass. - the correct amount is $34 million Bank of America Corp. has agreed to buy back $43 million in auction rate securities from two government agencies in Massachusetts. Under the terms of the agreement, the Massachusetts Turnpike Authority and the Massachusetts Housing Partnership, both based in Boston, will be repaid $18 million and $25 million, respectively, said Brian McNiff, a spokesman for the Massachusetts Securities Division. Charlotte, N.C.-based Bank of America is still in negotiations with the office of William Galvin, secretary of the Commonwealth of Massachusetts, as part of an effort to force the bank to buy back all auction rate securities from its retail investors. In May, UBS AG of Zurich, Switzerland, agreed to return $37 million to the Turnpike Authority and 17 municipalities invested in the securities. Also that month, UBS Securities Inc. of New York, a subsidiary of UBS AG, reimbursed the Turnpike Authority for $4.4 million in auction rate securities. The $330 billion auction rate securities market was frozen in mid-February after Wall Street stopped supporting the market. A spokeswoman from Bank of America declined to comment.

Latest News

Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says
Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says

A new analysis finds long-running fiscal woes coupled with impacts from the One Big Beautiful Bill Act stand to erode the major pillar for retirement income planning.

SEC bars New Jersey advisor after $9.9M fraud against Gold Star families
SEC bars New Jersey advisor after $9.9M fraud against Gold Star families

Caz Craffy, whom the Department of Justice hit with a 12-year prison term last year for defrauding grieving military families, has been officially exiled from the securities agency.

Navigating the great wealth transfer: Are advisors ready for both waves?
Navigating the great wealth transfer: Are advisors ready for both waves?

After years or decades spent building deep relationships with clients, experienced advisors' attention and intention must turn toward their spouses, children, and future generations.

UBS Financial loses another investor lawsuit involving Tesla stock
UBS Financial loses another investor lawsuit involving Tesla stock

The customer’s UBS financial advisor allegedly mishandled an options strategy called a collar, according to the client’s attorney.

Trump's one big beautiful bill reshapes charitable giving for donors and advisors
Trump's one big beautiful bill reshapes charitable giving for donors and advisors

An expansion to a 2017 TCJA provision, a permanent increase to the standard deduction, and additional incentives for non-itemizers add new twists to the donate-or-wait decision.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.