TITLE

Wachovia, IRS Settlement in SLGS Rollover Error

AUTHOR(S)
Ferris, Craig T.
PUB. DATE
April 2004
SOURCE
Bond Buyer;4/26/2004, Vol. 348 Issue 31870, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reports that Wachovia Bank, the trustee for a refunding deal done by the Pennsylvania Intergovernmental Cooperation Authority, is negotiating a settlement with the U.S. Internal Revenue Service over rebating arbitrage triggered by the bank's failure to change the investment yield in the authority's escrowed securities on time. Wachovia's failure to undertake a scheduled rollover of the refunding escrow that was initially invested in higher-yielding Treasury securities into zero-interest rate State and Local Government Series securities.
ACCESSION #
12923064

 

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