Lawmakers: ARS a Financial 'Roach Motel,' Problems Remain

September 2008
Securities Industry News;9/29/2008, Vol. 20 Issue 34, p1
Trade Publication
The article discusses the Auction Rate Securities (ARS) investment market. The collapse of the $330 billion ARS market, it says, has triggered complaints from investors who said the securities were misleadingly sold to them as cash equivalents. Wall Street firms have agreed in principle to repay $50 billion to over 183,000 purchasers of ARS. Representative Caroline Maloney, Democrat-New York asked Linda Thomsen of the Securities and Exchange Commision (SEC) for a clarification about the required disclosures when securities are sold to investors.


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