Report: Investors of auction-rate securities were misled

06/30/2008 | Financial Times (free content)

A report by the Association for Financial Professionals says more than 85% of the firms that invested in the auction-rate securities market, which collapsed spectacularly amid the global credit crunch, were led to think or explicitly told that Wall Street banks would support the market in the event of a crisis. The report might add yet more pressure to banks' already strained relationships with customers caught in the collapse.

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