That?s gotta sting: Wachoiva to buy back $9 billion in auction rate securities

That can't help matters. Wachovia has agreed to buy back $9 billion in auction rate securities as part of a wide-ranging SEC investigation of several Wall Street firms' sales and marketing practices. UBS, Morgan Stanley and others are buying back ARS by the billions in order to avoid formal charges of securities fraud. Will this be the death knell for Wachovia? The cash-strapped company has been raising capital through numerous debt and equity sales - where will the $9 billion come from, or what about next quarter's losses? Spooky. From Market Watch: The Securities and Exchange Commission on Friday said Wachovia Corp. Wachovia Corp has agreed to a settlement related to sales of auction-rate securities, the market for which collapsed earlier this year. Under the settlement, Wachovia w