The overblown attention on a mere $300 billion market continues with auction-rate security articles in The Wall Street Journal ("Auction Rates Clip Tech Firms' Profits"), Bloomberg ("Auction Failures Rise to 71% as Dallas-Area Airport Refinances"), and Reuters ("Citigroup sued over auction rate securities"). While lawsuits, paper losses and lamentations continue, the debt itself appears to be quietly being refinanced. We'll guess that resolution will come faster than expected, that the lawsuits will go nowhere and that investors will gain access to funds shortly.

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