​ "​SEC Allows Auction-​Rate Manipulators When They Disclose Intent" writes Bloomberg.​com. Dealers of auction-​rate securities got off with a slap on the wrist, it seems, merely requiring more disclosure about the "​insider" setting of rates. We were unable to locate any new official SEC information on the topic, however. In our November 2006 Money Fund Intelligence, we wrote "​Is Index Volatility Hurting Tax-​Exempt Money Funds" describing alleged manipulation in the BMA Swap Index and variable rate demand note market.

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