"UBS Financial Services Inc. knew as early as December that a segment of the municipal bond business was in trouble, but the Wall Street firm kept selling the investments to some clients without warning them of the risk," The Boston Globe reports. "It is a conflict that could mean UBS bears more responsibility for its role in the auction-rate securities debacle than it has acknowledged so far. Richard Stahl, a retired car dealer, has $650,000 stuck in the auction-rate bonds of a nonprofit student lender in New Hampshire. He said his UBS broker, Christian Parker, told him the investments were in municipal bonds of his state, the same kind of holdings that make up about 30 percent of his portfolio. On his UBS statement, the investment appeared under the heading 'municipal securities.' But what he thought were municipal bonds, paying 4.6 percent interest, actually were the debt of the New Hampshire Higher Education Loan Corp."