UBS to buy $18.6 billion in failed auction-rate securities

After CitiGroup and Merrill Lynch, Bloomberg reports that it is now UBS' turn to buy back a record 18.6 billion USD auction-rate securities:

UBS AG, Switzerland's biggest bank, agreed to pay $150 million in fines and begin buying back $18.6 billion in failed auction-rate securities, the largest settlement in a U.S. probe into whether banks stuck clients with hard-to-sell bonds.