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

RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence
RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence

Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.

Top Commonwealth advisor to recruiters: Stop with the cold calls already!
Top Commonwealth advisor to recruiters: Stop with the cold calls already!

“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.

Blue Owl Capital, Voya strike private market partnership for retirement plans
Blue Owl Capital, Voya strike private market partnership for retirement plans

The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.

Why AI notetakers alone can't fix 'broken' advisor meetings
Why AI notetakers alone can't fix 'broken' advisor meetings

Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."

Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit
Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit

The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.

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.