Auction-​Rate Securities Troubles Good News for Money Funds. Bloomberg writes "​Bristol-​Myers, Ciena Losses Show Subprime Infection". Bristol-​Myers Squibb becomes the latest victim of failed auctions in the $​360 billion auction-​rate securities market with a $​275 million "​impairment" charge related to "​the company'​s investment in certain auction rate securities" said the company. (Crane Data and Decision Analytics have estimated that 60 auctions, worth $​6 billion, have failed to date.)

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