The scandal over how auction rate securities (ARS) were marketed to investors grinds into the middle of its second year. Companies that remain the target of investigations are digging in to resist settlements and-in at least in one case-attempting to qualify for government bailout money to pay stranded customers back.

Still to come are resolutions of major cases against Charles Schwab Corp., Wells Fargo & Co., and Oppenheimer & Co., the brokerage, not the mutual fund. And it's Oppenheimer that has taken the most daring tack to date to fund the repurchase of some or all of the close to $1 billion in now-frozen ARS it sold to clients. It's asking for federal funds to do so.

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