SEC questions banks' marketing of structured notes

04/11/2013 | Reuters

The Securities and Exchange Commission wrote to Bank of America, Citigroup, Goldman Sachs Group, JPMorgan Chase and Morgan Stanley last year, criticizing them for how they communicated with customers about structured notes. The letters, released this week, particularly took issue with the phrase "principal protected" -- which the banks said they no longer used -- because structured notes are not 100% guaranteed.

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