Money-back assurances on subprime-linked securities are costing some leading banks billions
Although refund policies have long been standard practice for retailers, they've rarely been given for financial investments--and for good reason.
A closer look at the mortgage meltdown reveals Citigroup (C) and other big banks offered a type of money-back guarantee to buyers of nearly $100 billion of subprime mortgage-linked securities, according to a BusinessWeek analysis.
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