auction stuck

Retail Investors Stuck Holding Auction Rate Securities

here's the thing. I gave strict instructions to my broker. Keep my portfolio looking like its the portfolio of a 98 year old grandmother.
what happened? Im into this auction rate bs to the tune of over a million dollars. Did the financials know the market was going to collapse? sure they did. My guy at citi came out and told me - that the only fair thing to be done - is to have the banks that peddled this stuff - buy it back and deal with the liquidity issues themselves.

UBS really came to the plate and knocked it out of the park - when they decided to loan 100 percent against the shares that an investor holds. What does that say to an individual investor? It says they "get it" - which is more than I can say for most of the financial community.

When will wall street begin to rebuild the trust that they destroyed at their own hands.

When the dust settles, this auction rate problem will make the sub-prime problem look like a joke.