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Charles Schwab Corporation
Charles Schwab to Contest Unfair Allegations by New York State Attorney General
August 4th, 2009
Charles Schwab & Co., Inc. issued the following statement today in response to allegations by the Attorney General of New York (NYAG) concerning the company's sale of Auction Rate Securities (ARS). The Attorney General's allegations are without merit. They unfairly lay blame on our company for an illiquid market and improper behavior by the large Wall Street firms that created and then, despite their obligations, stopped supporting Auction Rate Securities. Schwab did not create the products and had no involvement in the events that led to the collapse of the ARS market, events brought about by the Wall Street underwriters who manufactured, marketed...
Source: Life Science Weekly (2009-08-04)
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