As the crisis for investors trapped in auction-rate securities grinds into its fourth month, a few slivers of hope have emerged. Some issuers are buying back all or part of the securities, which were often sold as a higher-yielding alternative to money funds and certificates of deposit, and cashing out previously stuck investors. A small secondary market has opened for trading, which offers another outlet, at least for investors willing and able to absorb a loss of principal to get at their money. And some brokerage firms are letting customers borrow against their frozen auction-rate securities at relatively favorable terms.
展开▼
