THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, May 18, 1995 TAG: 9505180824
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Short : 22 lines
Crestar Securities Corp. has agreed to buy back $1.48 million in risky derivative securities it sold to the city of Williamsburg. The City Council approved the deal in a special meeting Tuesday. The city lost $1.2 million when many of the bonds were sold earlier this year. Williamsburg officials argued that Crestar failed in its financial responsibility to ensure that the investments were sound. Crestar officials denied that they made investment decisions for the city. They said they did what the city directed. (Associated Press) by CNB