More Auction-Rate Securities Troubles

Feb 02 08

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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