Auction Rate Munis: Clumsy as they are stupid

The auction rate market is getting worse as the media is giving it more and more play. Today I heard Citigroup had at least two issues within my home state of Maryland where the auction rate was 10%. Three interesting notes on these two particular issues…Both are insured, but one was FSA and the other was CIFG.In both cases the underlying issuer has an “A” rating. One is a hospital system and the other is a water and sewer utility….
Original Source

  12 February, 2008| Economy | @ 22:28

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