Wachovia and Citigroup Agree to Buy Back ARS from California Residents

Wachovia Securities and Citigroup Global Markets entered settlements with California to buy back $4.7 billion in ARS from California residents and companies.  California regulators say these are "the first two" investment banks to settle with the state and "it won't be the last" settlement.  Bizjournals, Citigroup, Wachovia reach 'significant' settlement with California.