Cuomo wants to talk ARS settlements with three banks

08/12/2008 | Reuters

The office of New York Attorney General Andrew Cuomo told JPMorgan Chase, Wachovia and Morgan Stanley that it wants to immediately start discussing settlements regarding its investigation of sales of auction-rate securities. Separately, Missouri Secretary of State Robin Carnahan's office said it is in ongoing talks with Wachovia Securities. The announcements indicate that Wall Street banks are in for more pain regarding the troubled assets. "It would be unfair to consumers with accounts at other firms, as well as to the firms that settled, if our investigation were to slow down or stop," wrote David Markowitz of Cuomo's office.

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