WSJ writes "​Holders of Auction-​Rate Debt Have Choices, but Few Solutions", again spreads the myth that investors were unaware of the risks of auction-​rate securities. ARS, which money funds could not and cannot buy, were clearly not "​money market" securities. We find it unbelievable that any broker did not clearly disclose this fact. The Journal says, "​For decades, individuals and companies bought auction-​rate debt from municipalities, charitable organizations, student lenders and closed-​end mutual funds. The securities had long-​term maturities but functioned like a short-​term investment, paying interest rates that were reset in weekly or monthly auctions conducted by Wall Street firms. Brokerage firms and financial advisers pitched them to investors as a safe place to stash one'​s cash and collect a higher yield than a money-​market fund offered, often tax-​free."

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