August 20, 2008
New York Attorney General Andrew Cuomo's auction-rate securities settlements with Wall Street banks show that the man who bills himself as the "people's lawyer'' favors savers over shareholders.T... more
Articles
July 24, 2008
UBS Faces new Charges in New York, as Scrutiny of Wall Street's Role IntensifiesThe state of New York has joined a widening array of prosecutors and customers accusing Wall Street firms of wrongdoing ... more
July 24, 2008
WASHINGTON, July 25 (Reuters) - The secondary market for U.S. auction-rate securities did not miss a step this week despite the New York attorney general's demand that Swiss bank UBS AG (UBSN.VX: Quot... more
July 24, 2008
July 25 (Bloomberg) -- UBS AG said it was "honest and ethical" in its marketing of auction-rate securities, according to the bank's reply to a lawsuit filed last month by Massachusetts Secretary of St... more
July 15, 2008
LONDON - UBS stands by its "You and Us" motto by offering an olive branch to investors that it duped into buying auction-rate securities even after the market began to go down the tubes.
Late on Tuesd... more
July 15, 2008
Besieged by lawsuits, the bank agrees to buy back $3.5 billion of client holdings in the troubled ARS market.Swiss bank UBS AG announced it is buying back as much as $3.5 billion in auction-rate secur... more
July 13, 2008
Five months after the collapse of the $330 billion auction-rate securities market, bonds backed by student loans show no signs of recovering. And that means no new house for Martin Doolan.
The former ... more
July 06, 2008
More companies are taking writedowns on their holdings of auction rate securities, an investment that was viewed as a cash equivalent until the market became a casualty of the credit crunch in Februar... more
June 17, 2008
Companies across the US are expected to feel the effect of credit market turmoil on their bottom lines in the second-quarter earnings season, with experts expecting greater writedowns and losses on il... more
June 03, 2008
U.S. companies wrote down the value of their auction-rate securities by $1.85 billion in the first quarter as the market plunged, but disclosures about their exposure varied widely, according to a stu... more
June 02, 2008
The implosion of the $300bn auction rate securities market nearly four months ago is continuing to cause huge headaches for investors, regulators and debt issuers.
At the core of the problem is enormo... more
June 01, 2008
Of 242 firms with disclosed auction-rate holdings, fewer than half have owned up to their lossesSo far this year, companies with exposure to auction-rate securities have provided a litany of mea culpa... more
May 26, 2008
The credit crisis is receding, but hundreds of U.S. companies still are struggling to clean up the problems caused by auction-rate securities.
A review of first-quarter earnings reports showed that mo... more
May 24, 2008
In the world of lending or borrowing, the price of creativity can be steep.
Just ask more than a dozen Minnesota companies and nonprofits stuck with money in exotic financial paper that nobody wants t... more
May 18, 2008
The collapse of the auction-rate bond market is costing shareholders of companies from Google Inc. to Royal Bank of Canada more than $1.8 billion in investment losses.
Google, owner of the most popula... more
May 12, 2008
As the epitaphs are written on the market for auction rate securities, corporate investors are left to struggle with how to clean up the mess they’ve created for their balance sheets and income ... more
April 17, 2008
Late on Thursday, nine U.S. state regulators announced they were setting up a task force to investigate the market for auction-rate securities (ARS), a $330 billion asset class that imploded during th... more
April 16, 2008
The problems in the auction-rate market continue to give birth to creative solutions: issuers are refinancing or restructuring, Wall Street firms have allowed investors to borrow against their holding... more
March 31, 2008
The headlines blared the news globally last week: Swiss bank UBS was writing down between 5 percent and 20 percent of its $5.9 billion exposure to the failing market for auction-rate securities. B... more
March 30, 2008
Merrill Lynch & Co., Morgan Stanley and Citigroup were sued by clients last week in separate actions; UBS and its brokerage arm were the target of litigation earlier this month. Those are the ... more
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