To sum it up, the auction rate market is seizing up. Just today, [[UBS]] said they will no longer support failed auctions. In my opinion, the failure of these securities is due to the lack of liquidity at banks. If these fuckers can’t support the Port Authority of NY/NJ, how are they going to lend money to subprime fuckers wanting a McMansion.
This mess has just begun. Look for it to grab the headlines, shortly.
Long [[SKF]] If you enjoy the content at iBankCoin, please follow us on Twitter