21 August 2008

Cuomo Hints that Brokers are in Crosshairs of Auction-Rate Investigation

Now New York State Attorney General Andrew Cuomo is strongly implying that he will be going after brokerages, in addition to his already having gone after investment banks, on misleading investors as to the nature, and risk, of auction rate securities.

It's depressing that when scandals break out in the financial system, that the Federal government seems to be completely uninvolved, and that state authorities have to enforce the law.


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