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The problem with illiquid ARS is huge and more and more it takes toll on the lives of people just like you and me. Some folks entrusted their life savings into thos "safe, secure and liquid" papers. Here who they are and their stories: http://ARSvictim.com
Yes, they are for being active participants in the biggest $330,000,000,000 money heist of the 21st Century http://ARSclassAction.com
Some of those securities pay ZERO interest at the moment and they mature in...2045. This is some "cash equivalent" investment, isn't it? Anybody wants some? Cheap? Here is more information on the subject: http://nothingcontroversial.com/UBS-ARC-FRAUD/ARS.html