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’Auction rate securities: market dead, litigation alive and well
Did anyone who bought or sold auction rate securities understand what they were getting into? The slew of recent litigation on Wall Street over these instruments would tend to suggest otherwise.
First,
Ameritrade to buy back auction rate securities
TD Ameritrade, the US online broker, became the latest company to agree to repurchase auction rate securities from investors as part of a settlement with regulators investigating the collapse of the market for the debt instruments,
SEC 1, Citi and UBS -$30bn
Looks like the saga of angry auction rate securities investors vs Citigroup and UBS has drawn to a close. From the SEC today:
Washington, D.C., Dec. 11, 2008 – The Securities and Exchange Commission today finalized settlements with Citigroup Global Markets,
US regulators try to revive auction-rate securities
US regulators are talking to a number of Wall Street banks in an effort to find solutions to restore liquidity in the collapsed market for auction-rate securities, one of the biggest casualties of the credit crunch.
UBS quits the US muni business
UBS is getting smaller by the minute.
The Swiss bank, not content with selling off its subprime mortgage portfolio, slashing a few thousand jobs and repeatedly losing a ton of money, has decided to exit the US municipal bond business.