Wachovia not liquidating funds

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The Federal Reserve routinely conducts inspections of bank holding companies and their nonbank subsidiaries under authority granted by the Bank Holding Company Act (BHC Act).These statutory provisions require that we rely to the fullest extent possible on the examinations of the bank, thrift, and other functionally regulated subsidiaries, such as the securities broker-dealer, conducted by the primary regulator of the entity.Wachovia Wachovia was a financial holding company headquartered in Charlotte, North Carolina, that provided commercial and retail banking services and other financial services in the United States and internationally.At the end of the second quarter of 2008, Wachovia had assets of 2 billion, making it the fourth largest banking organization in the United States in asset terms.

However, over a period of less than 30 days, investors realized substantial losses that they were never told they could be exposesd to.Kathy’s practice includes recovering assets for clients in complex fraud cases on under standard fee and alternative fee arrangements.Kathy also serves as a mediator in bankruptcy matters, in complex business disputes, and in matters requiring an expert on fraud or Ponzi schemes.These subsidiaries were supervised and regulated by the Securities and Exchange Commission (SEC).The Federal Reserve supervised Wachovia in a manner similar to other very large bank holding companies.

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