Florida Schools, California Convert Auction-Rate Debt

Florida Schools, California Convert Auction-Rate Debt By Jeremy R. Cooke Feb. 22 (Bloomberg) — California, Florida schools and the operator of John F. Kennedy International Airport joined a growing list of municipal borrowers exiting the U.S. auction- rate bond market as record failures push taxpayer costs higher. Thousands of auctions run by banks to set [...]

When Bankers Fear to Act

When Bankers Fear to Act NY Times Report By FLOYD NORRIS Published: February 22, 2008 Where is J. P. Morgan when we need him? In times of market crisis, the safest course for any one market participant may be the riskiest course for the entire market. If everyone wants to sell, prices can go in [...]

Regulators Probe Funds After Failed Auctions Draw Ire

Regulators Probe Funds After Failed Auctions Draw Ire By Christopher Condon and Michael McDonald (Source: Bloomberg) State regulators are scrutinizing sales of auction-rate securities by closed-end mutual funds as investors complain they can’t get out of the investments, which were billed as the equivalent of cash.Massachusetts Secretary of State William Galvin asked nine fund companies [...]