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Related Tags: Ars, Variable rate demand notes, Pimco, Bonds, Auction rate failure, Nuveen, Fidelity, Ars failure, Goldman sachs, Countrywide, Wachovia securities, Wells fargo, Auction rate preferreds, Tdameritrade, Auction rate security failure, Auction rate security, Ubs.
Many who bought auction rate securities are still stuck as some banks, including TDAmeritrade, Fidelity and Wells Fargo, have refused to settle.
The recent Auction Rate Security settlements have been a step forward but their are still a lot of stranded investors.
There is a class of auction rate securities - SLARS - that are causing many of the problems in the ARS market. Their auctions have failed and they have low reset rates. The investment banks are...
The author of this editorial in today's WSJ, a well-respected writer for SmartMoney, alleges that the auction rate securities fiasco really was massive fraud by the investment banks on their clients.
As discussed throughout this site, the auction rate securities fiasco has been a clear cut example of investment banks screwing their wealthy clients. Only when they realized that they were going...
Andrew Cuomo's showing that he is the real deal, not just a silly politician trying to make a statement (he may be that as well). He didn't stop his auction rate securities investigation with UBS,...
Merrill, UBS and Citibank have all now agreed to repurchase outstanding auction rate securities at par over the next several months.
Citigroup has agreed to a settlement with the NY Attorny General's office that will see it buying back about $7.5 billion in securities from individual customers, charities and small businesses....
UBS is getting a slap on the wrist for its role in the auction rate securities matter. It seems that the money is going to make the state whole for its losses (with $1 million going to "educate"...
The auction rate mess is winding down but inquiries are moving forward. Today, Wachovia became the latest bank to be investigated over its auction rate securities practices.
Without great fanfare, this problem has begun to wind down.
Emails from UBS continue to paint a picture of banks knowingly selling damaged and failing investment products to individual investors in bids to reduce their own exposure.
Unraveling of auction rate securities market shows it really is buyer beware for non FDIC insured products. And for something marketed and considered "safe as cash."
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BestCashCow provides information on the best CD (certificates of deposit) rates, the best money market rates, the best savings rates, and more - as well as financial information that can help you make better decisions with your money.
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Type
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Top APY/Rate
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Institution
|
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4.00%
|
Dollar Savings Direct
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|
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2.66%
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Vanguard
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|
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3.50%
|
Crestmark Bank
|
|
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4.06%
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State Bank of India, New York Branch
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|
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4.25%
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GMAC Bank / Sovereign Bank
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|
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4.40%
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Umbrella Bank
|
|
|
4.50%
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Umbrella Bank
|
|
|
4.60%
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Discover Bank
|
|
|
5.21%
|
Discover Bank
|
|
|
5.64%
|
US Treasury
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|
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3.50%
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Federal Home Loan Bank (state and local tax exempt)
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|
|
4.00%
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Northrop Grumman CU
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|
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4.22%
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Melrose CU
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|
|
4.37%
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Melrose CU
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|
|
5.00%
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Pentagon FCU
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|
|
0.03%
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Various brokerages
|
|
|
0.51%
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Various brokerages
|
|
|
.99%
|
Various brokerages
|
|
|
1.97%
|
Various brokerages
|
|
|
3.18%
|
Various brokerages
|
See more product and rate information
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