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Why was the turmoil in the auction rate security (ARS) market noteworthy? Because they were responsible...

Why was the turmoil in the auction rate security (ARS) market noteworthy?

Because they were responsible for the collapse of Bear Stearns

Because they represent a direct link between the financial crisis and the real economy, with failed ARS auctions resulting in significantly higher borrowing costs for municipalities

Because they were responsible for the Lehman bankruptcy

Because they were the first securities to fail in the financial crisis

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The turmoil in the auction rate security (ARS) market noteworthy because they were responsible for the collapse of Bear Stearns.

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