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Kicked in the ARS

机译：踢进ARS

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"Like a Moroccan bazaar" was how Wil-liam Galvin, Massachusetts secretary of state, described the market for auction-rate securities (ars), whose collapse has left thousands of investors stuck with debt they had assumed they could easily sell. But there is a difference. Getting a stallholder in Fez to take back damaged goods is a tall order. Banks, on the other hand, have moved quickly under pressure to buy back the paper they flogged, in what looks like the biggest-ever forced bail-out of Main Street by Wall Street.rnIn normal markets, auction-rate debt looked highly seductive. With the interest rate reset weekly or monthly in auctions, cities, student-loan trusts and the like could issue long-term debt while benefiting from lower short-term rates. Buyers got a near-cash product that paid higher yields than money-market funds. Brokers typically creamed off up to 0.25% of a market that swelled to $330 billion by last summer. When demand began to subside late last year, dealers bought the debt themselves to prevent auctions from failing. But most pulled out in February as the failures became endemic. New York's Andrew Cuomo and other attorneys-general took up the cudgel-in an echo of Eliot Spitzer's post-dotcom crusade, ubs, Citigroup andrnMerrill Lynch have agreed to buy back more than a combined $41 billion of ars and pay at least $250m in fines. JPMorgan Chase and Morgan Stanley were reportedly close to a settlement on August 13th.
机译：马萨诸塞州国务卿威尔-利亚姆•加尔文（Wil-liam Galvin）如何描述“拍卖市场证券”，其拍卖价格证券（ars）的崩溃使成千上万的投资者陷入了他们原以为可以轻易出售的债务。但是有区别。在非斯（Fez）找一个摊贩拿回损坏的货物是一项艰巨的任务。另一方面，银行在承受压力的情况下迅速采取行动，以回购他们所拖欠的票据，这似乎是华尔街有史以来最大规模的强制性救市计划。在正常市场中，拍卖利率债券似乎极具诱惑力。随着每周或每月在拍卖中重置利率，城市，学生贷款信托基金等可能会发行长期债务，同时受益于较低的短期利率。买家获得的近现金产品的收益率高于货币市场基金。经纪人通常在高达0.25％的市场中脱颖而出，该市场在去年夏天膨胀到了3300亿美元。去年年底需求开始平息时，交易商自己购买了这些债务，以防止拍卖失败。但是随着失败成为地方性流行，大多数人在二月退出了。纽约的安德鲁·库莫（Andrew Cuomo）和其他总检察长都接受了这一决定，这与埃利奥特·斯皮策（Eliot Spitzer）在互联网泡沫破裂后的远征相呼应，UB，花旗集团和美林证券（Merrill Lynch）同意回购总价超过410亿美元的Ars，并至少支付2.5亿美元。罚款。据报道，摩根大通和摩根士丹利已于8月13日达成和解。

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    《The economist》 |2008年第8593期|67|共1页
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