NEW YORK (MarketWatch) — New York Attorney General Andrew Cuomo on Thursday
filed a lawsuit against Swiss banking giant UBS , alleging that the firm deceived
investors in auction rate securities by telling clients the investments were cash
equivalents. He also claimed senior executives at the firm divested themselves of
$21 million of auction rate securities as the market [...] Read Full Story
The bank falsely sold and marketed the instruments as safe, highly liquid, and cash-equivalent securities, New York's Attorney General Andrew Cuomo alleges.
Stephen Taub CFO.com | USJuly 24, 2008
New York Attorney General Andrew M. Cuomo filed a lawsuit on Thursday charging UBS Securities LLC and UBS Financial Services with using deceptive tactics to market auction-rate-securities.
Cuomo alleged that UBS falsely sold and marketed the controversial commercial paper as safe, highly liquid, and... Read Full Story
In this morning's Tennessean, there was a teeny little two column-inch piece (so tiny they didn't put it on their website, so I can't link to it) about securities regulators from several states raiding Wachovia's headquarters in St. Louis over "the collapse of the $330 billion auction rate securities market." "Hmm," I thought. "That sounds really interesting. I wonder what an auction rate security is." It turns out that the story is much bigger, it's just that with all the chatter about... Read Full Story
Wikizines are interactive magazines that anyone can create or edit - and this one is called "Adesa Impact". Here you can find fresh voices and respond in real time. Some members write articles about recent news and trends related to the wikizine's topic, others recount relevant personal stories or share their favorite pictures and video clips. Got an interesting idea or story to share with other members of this wikizine? Well, then put on your journalist's cap and add your own article... Read Full Story
By Joseph Devine Amid the ongoing crisis in the auction rate securities (ARS) market, complicated information about investment banks, investment firms, and broker-dealers is easily available, while information on the basics of the auction rate securities market is surprisingly scarce. For many people, coverage of the ARS market collapse is more confusing than helpful. Without details as to how the auction rate system works, why these securities were attractive, and the factors which... Read Full Story
