
📝 Introduction: The Problem With Assuming the Auction Never Ends
Published Monday, June 22, 2026 at 12:03 PM PT Burbank · Monday, June 22, 2026 · 12:03 PM · 84°F, 45% humidity, wind 0 mph SW (gusts 2), 29.38 inHg, UV 0 The Auction Rate Securities Disaster: How Smart People Built a Financial Mousetrap and Then Acted Shocked When the Mouse Got Caught Introduction: The Problem With Assuming the Auction Never Ends Here’s a thing that happened in 2008 that nobody talks about anymore, probably because it’s less cinematically explosive than watching Lehman Brothers implode on live television. But it’s actually a perfect case study in how financial engineering can create something that looks safe, sounds safe, and is packaged by people in expensive suits as safe—right up until the moment it isn’t, and then suddenly it’s your problem. ...
