All Banks But One To Say Sorry We Screwed You


Charlie Gasparino reports that at least three firms are expected to reach a "global settlement" today or tomorrow with everyone (all state and federal regulators, the SEC, etc) accusing them of taking investors for a ride re: auction rate securities. Those firms are Morgan Stanley, JP Morgan, and Wachovia and pointedly not Merrill Lynch, whose talks with regulators have "turned contentious" in recent weeks, which hopefully translates to John Thain breaking his onesie out of mothballs and Cuomo renting a Viking costume.
Some Wall Street Firms Near Pact On Auction Debt [CNBC]