Tag auction rate securities

Up pops those pesky Auction Rate Securities. You remember them. Financial institutions sold them to the wealthy as a place to park their money that was just like cash but yielded a bit more. Whoopsie. They weren’t like cash at…

Most brokerages are refusing to buy them back which means the investors can’t get any money out of what was sold to them as a cash equivalent. Ouch. Who buys auction-rate securities? It’s not just “the rich.”‘ I’ve heard from…