NYT - Gretchen Morgenson: Police protection, please, for municipal bonds
So far, the commission's reticence to act on behalf of municipal issuers has left those issuers to take on Wall Street alone. Few have done so. In 2008, New Hampshire's securities bureau sued UBS, contending fraud in the bank's underwriting of auction-rate securities for the state's Higher Education Loan Corporation, its student loan entity. State officials contended that UBS knew that the auction rate market was on the verge of collapse but did nothing to warn the loan corporation, which had issued $1.5 billion in securities, before the market seized.
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