"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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