RBC Confirms US Subpoena Over Auction Rate Securities

The Globe and Mail, Tara Perkins, 7 August 2008Royal Bank of Canada was one of a number of financial institutions subpoenaed in the United States in connection with auction-rate securities, the bank confirmed yesterday.The $330-billion (U.S.) market for auction-rate securities collapsed this year as a result of the liquidity crunch, leaving many American investors stuck with frozen securities.The