Auction Rate Securities:
Problems and Solutions

Strategies and Solutions: Making Markets Work

• Making Markets Work: Managing the Damage (Slideshow Presentation)
  Saber Partners

Managing the Damage

• UBS to Pay $19 Billion As Auction Mess Hits Wall Street
  The Wall Street Journal (PDF 94k) , August 9, 2008
• Citigroup Agrees in Principle to Auction Rate Securities Settlement
  Securities & Exchange Commission Press Release, August 7, 2008
• Saber's Fichera Sees More Settlements After Citigroup: Video
  Bloomberg News (video), August 7, 2008
• Saber's Fichera Sees More Settlements After Citigroup: Video
  Bloomberg News (article), August 7, 2008
• MSRB Eyes 2009 For New System: Moves Toward ARS, VRDO Transparency
  Bond Buyer, July 21, 2008
• Can ARS Issues Be Fixed? Fichera Urges MSRB Not to Let Market Languish
  Bond Buyer, July 10, 2008
• Joseph Fichera: Letter to the Municipal Securities Rulemaking Board (MSRB)
  July 9, 2008
• Wall Street's Customer's Man Fichera Unmasked Auction-Rate Debt in 1980's
  Bloomberg News, May 30, 2008

Background and Discussion

• Wall Street's Customer's Man Fichera Unmasked Auction-Rate Debt in 1980's
  Bloomberg News, May 30, 2008
• Panelists Offer Words of Wisdom to Issuers Holding ARS
  Bond Buyer, May 21, 2008
• Auction-Rate Market Collapse Costs U.S. Taxpayers $1.65 Billion
  Bloomberg News, May 16, 2008
• How to Clear a Road to Redemption
  The New York Times, May 4, 2008
• It’s a Long, Cold, Cashless Siege
  The New York Times, April 13, 2008
• Muni Regulator Plans Improved Auction-Rate Disclosure
  Bloomberg News, March 17, 2008
• Auction-Rate Bonds Force 'Predatory' Yields on Cities
  Bloomberg News, February 28, 2008
  — Adobe Acrobat PDF (21k)
  
• New York Authority to Unveil Auction-Bond Details
  Bloomberg News, February 26, 2008
• NABL Talks Auction Rate Deals
  Bond Buyer, February 22, 2008
  — Adobe Acrobat PDF (20k)
  
• Auction Debt Succumbs to Bid-Rig Taint as Citi Flees
  Bloomberg News, February 21, 2008
• Auction-Rate Turmoil Hits Pittsburgh Medical Center
  Wall Street Journal, February 19, 2008
• New York Bond Costs Rise as Banks Let Auctions Fail
  Bloomberg News, February 19, 2008 — Adobe Acrobat PDF (20k)
  
• Fichera of Saber Says Municipals Need More Transparency
  Bloomberg News, February 15, 2008
  — Streaming Video
• Muni Regulators Seek Disclosure on Auction-Rate Bonds
  Bloomberg News, February 15, 2008
• Up to $10 Billion in Auctions Fail
  Bond Buyer, February 14, 2008
  — Adobe Acrobat PDF (74k)
  
• Muni Watch: More Insurer Fallout As Muni Auctions Fail
  Dow Jones Newswires, February 4, 2008
• Bond Insurer Losses May Hit the Streets
  Marketplace, January 31, 2008
• Rigged Bids, SEC Help Dealers as Auction Bonds Fail
  Bloomberg News, November 21, 2007
• Levitt Says Asset-Backed Bonds Need Better Disclosure
  Bloomberg News, November 5, 2007
• SEC Allows Auction-Rate Manipulators With Disclosure
  Bloomberg News, March 16, 2007
• Auction-Rate Questions: SEC's Haines Skeptical of Market Practices
  Bond Buyer, October 2, 2006
  — Adobe Acrobat PDF (41k)
  
• Auction-Rate Violations Result in $13M Penalty - SEC Announces
  Settlement With 15 Firms
  Bond Buyer, June 1, 2006
  — Adobe Acrobat PDF (48k)
• Citigroup, 14 Other Firms Settle Bond-Auction Probe
  Bloomberg News, May 31, 2006
• 15 Broker-Dealer Firms Settle SEC Charges Involving Violative Practices
  in the Auction Rate Securities Market
  Securities and Exchange Commission Press Release, May 31, 2006
  — Adobe Acrobat PDF (68k)
• SEC's Disclosure Concern — Haines: Auction-Rate Inadequate
  Bond Buyer, September 19, 2005
  — Adobe Acrobat PDF (288k)
  
• Municipal Brawl — Bond Advisers Irk Wall Street, Curb Fees on Public Finance
  Bloomberg Markets, June 30, 2005
  — Adobe Acrobat PDF (500k)
• Auction-Rate Securities Under Fire
  Wall Street Journal, March 24, 2005
  — Adobe Acrobat PDF (129k)