mike, how bad is this:
"...Turmoil continued in the auction rate securities markets Friday, with failed sales outpacing successful ones.
Investment banks failed to sell a total of 231 auction rate securities, out of a total of 288 on offer, according to sale results provided by a person close to the process.
Merrill Lynch & Co. (MER) was the lead arranger on 93 of the failed transactions, followed by Smith Barney, a unit of Citigroup Inc. (C), with 55 failed deals, according to a list of the transactions.
On the flip side, Smith Barney led 15 of the 57 successful transactions, followed by UBS (UBS) with nine and Merrill with seven, according to the list.
Typically these auctions are held on Tuesdays, Wednesdays and Thursdays, but due to the recent market turmoil as well as the upcoming long holiday weekend in the U.S., the banks opted to hold an extra auction on Friday..."
thank you
--marc |
