TITLE

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

AUTHOR(S)
CURTIS, CAROL E.
PUB. DATE
September 2008
SOURCE
Securities Industry News;9/29/2008, Vol. 20 Issue 34, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
34669099

 

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