Statement from State Street Corporation
May 08 2008 - 10:27AM
Business Wire
State Street Corporation (NYSE: STT) issued the following statement
today in response to a Bloomberg story concerning speculation about
the adequacy of the company�s reserve amount regarding State Street
Global Advisors� actively managed fixed income strategies. State
Street conducted a detailed analysis to arrive at the reserve that
was established in January 2008. Taking the decline in assets under
management from point to point, as represented by the Bloomberg
report, is not an appropriate or accurate way to calculate
potential investment losses or the company�s potential exposure.
State Street is required to review the adequacy of this reserve
each quarter and currently believes it to be appropriate. The
participants in this quarterly review include outside counsel. The
company makes its determination of adequacy based on the best
available information. The views of third parties who appear to
have a vested interest in advancing their own agenda are not taken
into account. State Street will continue to defend itself
vigorously against inappropriate claims, including those that seek
recovery of investment losses arising solely from changes in market
conditions.
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