Reactions to story from Silicon Alley Insider
Monster, Earthlink, Palm Blow It Again, Buy Millions in Auction-Rate Securities
http://www.alleyinsider.com/ 2008/ 3/ monster_earthlink_palm_blow_it_again_buy_mill...
How do you compound the misery of having a crappy business and a collapsing stock price? Stick your company's precious rainy-day fund in "cash-like" auction-rate securities. Auction-rate securities, for those who haven't been following the credit crunch, are muni bonds whose rates are frequently reset at auction. For a while, they did what they were designed to do--allowing towns and cities to borrow money at slightly lower rates and "cash" investors to earn slightly higher ones--and this led Wall Street to declare them safe.
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