The Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission and New York Attorney General Andrew Cuomo are looking into possible irregularities in auction rate securities (ARS).

There were reports at deadline, that the A.G.'s office last Monday and Tuesday subpoenaed 18 investment giants, including Merrill Lynch, Goldman Sachs and UBS. FINRA, which recently sent securities firms a survey on ARS, has reportedly begun a sweep investigation, with help from the SEC.

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