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Examples
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NEW YORK—A federal appeals court on Wednesday dismissed the conviction of a former Credit Suisse Group broker for securities fraud in a 2009 case involving so-called auction-rate securities, but upheld his conviction on two other conspiracy counts.
Credit Suisse Ex-Broker Wins Part of 'Auction-Rate' Appeal Chad Bray 2011
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Municipalities had issued so-called auction-rate securities, instruments whose rates reset at weekly auctions.
Muni Issuers Succeed in Renewals Michael Corkery 2011
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Municipalities had issued so-called auction-rate securities, instruments whose rates reset at weekly auctions.
Renewal Of Pacts Eases Fear For Munis Michael Corkery 2011
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Mr. Crane, who took over the Houston Astros baseball team late last year, bought the Jefferson County's bonds in early 2008 when municipal debt traded rapidly during a buying boom for so-called auction-rate securities.
Alabama County Scores in Fight vs. J.P. Morgan Katy Stech 2012
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NEW YORK—A federal appeals court on Wednesday dismissed the conviction of a former Credit Suisse Group broker for securities fraud in a 2009 case involving so-called auction-rate securities, but upheld his conviction on two other conspiracy counts.
Credit Suisse Ex-Broker Wins Part of 'Auction-Rate' Appeal Chad Bray 2011
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Scores of public officials, including Michael Bennet, now a U.S. senator from Colorado, and Jon Corzine, the former governor of New Jersey, bought the same Wall Street pitch: So-called auction-rate bonds would lower financing costs by allowing them to pay short-term rates, and interest-rate swaps would protect them if markets moved in the wrong direction.
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Their actions had hammered thousands of investors holding the short-term investments known as auction-rate securities.
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For instance, many investors learned the hard way two years ago that investments are not cash by investing in so-called auction-rate securities.
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Scores of public officials, including Michael Bennet, now a U.S. senator from Colorado, and Jon Corzine, the former governor of New Jersey, bought the same Wall Street pitch: So-called auction-rate bonds would lower financing costs by allowing them to pay short-term rates, and interest-rate swaps would protect them if markets moved in the wrong direction.
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Full disclosure: On one occasion I failed to fact-check a broker; as a result, I found myself embroiled in the $330 billion auction-rate securities scandal.
Phil Trupp: Portfolio Mysteries: Do You Know What's In Your 401K? Phil Trupp 2011
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