Major US Banks Sued by Battery Park....
Posted in the Banking Forum
#1 Feb 11, 2014
By Zacks Equity Research 8 hours ago
Wall Street banking behemoths seem to be still paying for the risky dealings they undertook before the financial crisis. Recently, according to Bloomberg, Battery Park City Authority – a public-benefit corporation – slapped charges on units of Citigroup Inc.(C), JPMorgan Chase & Co.(JPM) and Bank of America Corporation (BAC) over the issuance of auction-rate securities.
Battery Park City Authority filed the lawsuit in New York State Supreme Court in Manhattan. The charge was related to auction-rate securities worth $635 million issued by Battery Park to finance debt. The auction-rate securities include municipal bonds, corporate bonds and preferred stocks, with a long-term nominal maturity for which interest rates are regularly reset through Dutch auctions.
The accusation was directed at Citigroup Global Markets Inc., the US-based brokerage and securities arm of Citigroup; J.P. Morgan Securities Inc.(now known as J.P. Morgan Securities LLC), a division of JPMorgan; and BofA’s Merrill Lynch, Pierce, Fenner & Smith.
Battery Park City Authority claimed that the plaintiffs misrepresented facts about the structure and market of the bonds. Further, by placing their own bids in every auction in which they were the main broker-dealers, these banking units gave the false impression of the economy being better than what it was.
The point: In case of Citibank, it played all kinds of tricks to use Bonds to its advantage..When it came to redeem two Gold Bonds issued and sold in 1930s China, it would rather be hanged then to behave like a honest broker..
But finally, I granted its wish...The hundreds of millions of USD Citibank spent on a feudal and corrupt David Cheever in 2011-2012 will get their wishes: To be hung by the Higher Authority!!! Gold Watches are still ticking but on their necks!
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