A Fistful of Euros writes on the case of Julian Tzolov, wanted in the U.S. for “selling auction rate securities (asset-backed bonds with frequent yield resets) to now aggrieved clients. The clients apparently thought they were buying bonds backed by student loans but were in fact buying dodgy mortgages, an impression due it seems to the wheeze of adding the description “student loan” to whatever the asset actually was.”
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