Livingston, Lynda S. - In: Accounting & Taxation 2 (2010) 1, pp. 1-20
In February of 2008, the $330 billion auction-rate security market began to fall apart. Brokerage houses that managed the periodic auctions refused to support their issues, so that auctions failed and liquidity disappeared. Investors had a wake-up call: an asset they had thought was a...