New York sues UBS over auction rate securities

UBS has once again found itself the target of federal charges. This time, New York Attorney General Andrew Cuomo has charged the Swiss bank with illegally promoting auction rate securities as safe investments when executives knew they were anything but. According to the AP, investigators have identified seven UBS executives who sold personal stakes in auction rate securities to the tune of $21 million. Their emails paint of picture of worried execs. "I want to get out of arcs. Let's talk Monday," one executive wrote to his investment adviser, after receiving a company email warning of potential problems in the market. This will likely be the first of several actions against banks. We'll see more than one state get involved. As usual, email will likely be the main evidence.  

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