Monday, May 12, 2008

What's Up with Wachovia?

Wachovia is on some kind of streak recently. First came news that the bank was under investigation for money laundering:

NEW YORK (MarketWatch) -- Federal prosecutors are investigating Wachovia Corp. as part of a broad probe of alleged laundering of drug proceeds by Mexican and Colombian money-transfer companies, the Wall Street Journal reported Saturday, citing people familiar with the matter.


Today comes news that the SEC is investigating Wachovia over the Auction rate securities mess:

Wachovia Corp. confirmed that its Wachovia Securities LLC and other affiliates received inquiries and subpoenas from the Securities and Exchange Commission and several state regulators regarding auction-rate securities.

The financial services firm said the regulators are seeking information concerning the underwriting, sale and subsequent auctions of municipal auction-rate securities and auction-rate preferred securities.

"Further review and inquiry is anticipated by the regulatory authorities and Wachovia will cooperate fully," the company said in its quarterly report with the SEC.

Also, Wachovia and Wachovia Securities were named in a lawsuit in New York. The lawsuit seeks class-action status for customers who bought and continue to hold auction-rate securities based upon alleged misrepresentations made with respect to the quality, risk and characteristics of the securities.


They also announced the Jane Sherburne will replace Mark Treanor as general counsel later this summer. He's probably exhausted.

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