New York, USA (GenevaLunch) – The continuing and widespread investigations in the United States into auction rate securities abuses by banks have netted two former Credit Suisse brokers, both under arrest for misleading their clients (see Securities and Exchange Commission press release). Several banks have been investigated by the SEC and various states in the US since the collapse of the auction rate securities market; widespread complaints by clients that they were told the market was relatively safe when in fact it was increasingly unstable has led to a number of settlements by banks, including UBS and Credit Suisse.

Today’s story, TSR, Fre

Background: "UBS shares fall on news that New York files civil charges," 25 July 2008, GenevaLunch

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