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C » Topics » Write-downs on Auction Rate Securities

This excerpt taken from the C 10-Q filed May 2, 2008.

Write-downs on Auction Rate Securities

        As of March 31, 2008 the Company reported $6.5 billion of auction rate securities classified as Trading assets. During the first quarter of 2008, S&B recorded $1.5 billion of pretax write-downs on auction rate securities, primarily due to failed auctions as liquidity diminished because of deterioration in the credit markets.

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