Andrew Cuomo, New York State Attorney General, is on the warpath these days—and he is destroying his future in the process, big time. This is something of a surprise, coming from the most ambitious boy in New York politics! Last week, he got Citigroup and Merrill Lynch and UBS to offer ... okay, let's back way the heck up.
There is something called an "auction rate security." They were invented 20 years ago and are impossible to understand or explain unless you already work in finance, so here is the best explanation of them we could find.