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Bank of America agreed to pay $131.8 million for Merrill Lynch misleading investors about mortgage-linked securities in 2006 and 2007, the federal regulators announced Thursday. The charges announced by the Securities and Exchange Commission applied to Merrill Lynch, before it was acquired by Bank of America in 2009. According to the SEC, Merrill Lynch did not disclose to investors that a hedge fund, Magnetar Capital LLC, had significant input in the selection of collateral for a pair of complex security vehicles Merrill structured and marketed to investors. The SEC also charged Merrill with keeping inaccurate records about its participation in a third investment vehicle.
AUSTIN, Texas (AP) — The chancellor of the University of Texas system says Austin campus president Bill Powers should keep his job, despite acknowledging a "strained" relationship between the two powerful education leaders.
BUENOS AIRES, Argentina (AP) — Thousands of Paraguayan immigrants living along the polluted Riachuelo river in Argentina's capital celebrate their "Blue Virgin" every year with a grueling but joyful 10-hour procession that winds through every corner of their slum. Last year, their feast day's Mass was led by none other than Buenos Aires Archbishop Jorge Mario Bergoglio, who has since become their beloved "slum pope."