With Marco Adelfio, Mara Goldsmith, Thomas Humphreys, Shamir Merali, Anna Pinedo
At least a couple of times each week, there are press reports of the hardships associated with the liquidity meltdown in the auction rate securities market. With all this attention, we thought it might be useful to take a brief look at this market and a recent SEC determination that will bring some relief to a segment of the auction rate market—closed-end funds—that have issued such securities.