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Investors of auction-rate securities were misled 

A report by the Association for Financial Professionals says more than 85% of the firms that invested in the auction-rate securities market, which collapsed spectacularly amid the global credit crunch, were led to think or explicitly told that Wall Street banks would support the market in the event of a crisis. The report might add yet more pressure to banks’ already strained relationships with customers caught in the collapse.

Nigerian rebels shake world’s oil markets

An internal rebellion in Nigeria is increasingly adding to worries about the world’s oil supply already focused on flash points such as Iraq and Iran. Armed rebels from the Movement for the Emancipation of the Niger Delta have staged bold attacks on Nigeria’s oil infrastructure and kidnapped foreign workers for ransom. The group says it represents an impoverished region’s rage against a negligent and corrupt central government and oil companies that have wrought terrible environmental damage.

Credit Card debt hurting upper-income consumers

Crushing credit-card debt is moving up the income ladder as the US economy slumps. “People of all walks of life have been either guilty of overspending or the victim of some misfortune such as a job loss, an illness or a divorce,” said Greg McBride, a senior financial analyst for Bankrate.com. The average debt rose to $6,900 per consumer in the last year, a 21% increase, according to data by Experian

Merrill Lynch might need to sell stake in BlackRock

Merrill Lynch (stock ticker: MER) might be forced to sell its 49% stake in money-management firm BlackRock to raise capital. The option was raised after Merrill’s bid for Bloomberg to buy out its stake in the news and financial-data company faltered. Merrill CEO John Thain said he thinks the company’s 20% stake in Bloomberg is worth $6 billion. But people inside Merrill said Bloomberg offered about half of that price

Siemens plans to cut 17,200 jobs worldwide

German engineering and electronics company Siemens (stock quote: SI) plans to cut 17,200 jobs worldwide, most of them white-collar positions, sources say. New CEO Peter Löscher has given the company’s plans to a workers’ council in advance of a July 7 meeting to discuss the layoffs. Siemens employs about 400,000 around the world. The planned restructuring also includes realigning Siemens’ businesses into three divisions for industry, energy and health care.