The overblown attention on a mere $​300 billion market continues with auction-​rate security articles in The Wall Street Journal ("​Auction Rates Clip Tech Firms' Profits"), Bloomberg ("​Auction Failures Rise to 71% as Dallas-​Area Airport Refinances"), and Reuters ("​Citigroup sued over auction rate securities"). While lawsuits, paper losses and lamentations continue, the debt itself appears to be quietly being refinanced. We'​ll guess that resolution will come faster than expected, that the lawsuits will go nowhere and that investors will gain access to funds shortly.

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