Posted Jul 25th 2008 8:55AM by Peter Cohan The New York Times reports that Andrew Cuomo, New York's attorney general, has sued UBS AG (NYSE: UBS). He charges UBS of deceptive sales practices. Massachusetts beat him to that punch when it sued UBS for deception after revealing e-mails indicating that UBS decided it would be better to foist the toxic waste on its naive wealth management customers rather than taking the hit of writing down the holdings on their books. I began following the Auction Rate Securities (ARS) market -- those bond-like securities whose rates used to reset in weekly auctions -- back in February when those auctions failed. Since then 5,341 comments have appeared from people whose hard-earned cash is frozen in what was marketed to them as safe, money-market-like securities with slightly higher yields. I...
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