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Auction-Rate Problems Hit Corporate America Harder
http://www.eatingstock.com/ ?p=1837
It is only a matter of time before some big American companies sue the banks and brokerages that ran the auction-rate markets. Their case will be that, in a market which has operated since 1985. the financial firms presented the paper as cash-equivalents. Getting in and out of the instruments was easy, and took, at the most, a few days. The banks walked on the market when its was clear that their balance sheets had been torn to pieces. In the auction-rate world they would take any imbalances in an auction onto their books and clear out the securities at… Read the rest at 24/7 Wall St.
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