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 Send to email | UBS Hoses Clients, Marks Down Auction-Rate Securities; Lawsuits-a-Coming in General |  By Silicon
el 28-Mar-2008 |  UBS added injury to annoyance this afternoon, announcing that it is going to mark down the value of auction-rate securities held in client accounts. As we described here, ARS's are a formerly little-known corner of the bond market that was once considered a form of cash on steroids, but has recently seized up as liquidity has been sucked out of the room.
The problem for UBS's clients--and, soon, undoubtedly, UBS's attorneys--is that Auction Rate Securities were often sold as just a higher-yielding form of cash. As a result, many of the UBS clients about to get walloped by the writedowns likely believed that their spare cash was being held in, well, cash. And the rest no doubt dismissed whatever ARS risks UBS told them about as worth taking--but will now try to hold UBS responsible for their decisions.
The lesson: As UBS and other firms' clients (and, most likely, their brokers) are now being reminded, "cash-like" securities are NOT "cash." Let the lawsuits begin.
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 | Joystiq |  Blogger | Covers video game news from an independent, unbiased perspective
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| AT&T finally pushes out BlackBerry service books for AIM and ICQ |  In a move that can only be described as “long overdue”, AT&T has finally pushed out the service books necessary to run the RIM native AIM and ICQ clients on the carrier’s BlackBerry handsets. The clients have long been available to other carriers, (unless you did the bait and switch Service Book trick) but now [...] [..] Read complete article | | Published 11-Nov-2008 by Joshua Karp in AT&TBlackBerryServicesaimboldgoogle talkicqMSNRIMservice books
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| Joystiq | Blogger | Covers video game news from an independent, unbiased perspective
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| PS3 Laptop charity auction, bid at Engadget | | Filed under: Hacks, Sony PlayStation 3
Our brothers-in-arms over at Engadget are proudly hosting a charity auction for Ben Heck's one-of-a-kind PlayStation 3 laptop. If you're interested, you've got one week t [..] Read complete article | | Published 19-Apr-2008 by Christopher Grant in Ben-HeckCharityEngadget
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