Regulators were circling the financial sector Thursday, homing in on what they regard as some of the unbridled behavior that has marked credit and commodity markets.
In pointed action, New York Attorney General Andrew Cuomo announced that he has sued two units of Swiss banking giant UBS for allegedly misrepresenting auction-rate securities to clients as safe and liquid investments. The market for auction-rate securities allowed municipalities, charitable institutions, student-loan companies and mutual-fund companies to borrow money for long periods of time at short-term interest rates through auctions that reset the interest rate every week or month. In February, the $330 ..
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