UBS Auction Rate Security Holders Don't Get More Relief, Judge Says

You remember the whole auction rate securities mess? These long-term bonds and shares of preferred stock were sold as cash-equivalent, short-term investments because their interest rates were reset at weekly or monthly auctions. The whole jig blew up last February, when it turned out that the “auctions” were a figment of Wall Street’s imagination and the market froze solid. UBS was one of the leading auction agents and had zillions of furious customers after the ARS market crashed (refresh your memory here).