Cuomo's Auction Rate Securities Investigation Focused on Merrill (MER), Wachovia (WB) and Morgan Stanley (MS) -CNBC
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CNBC's Charlie Gasparino reports that New York Attorney General Andrew Cuomo's auction rate securities investigation is mainly focused on Merrill Lynch (NYSE: MER), Wachovia (NYSE: WB) and Morgan Stanley (NYSE: MS).
Gasparino cites several reasons that these three firms are being highlighted:
- these firms have declared the investigation was over before it was actually over. He notes that the investigation is still ongoing, and
- Cuomo is worried about the impact being felt by institutional investors. Specifically, Cuomo believes there should be a way for the institutions who lost money to get paid as well.
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