Who was bailed out when this mess started…the banks!
Banks targeted in criminal probe.
New York Attorney General Andrew Cuomo has reportedly opened a criminal investigation into whether eight major banks provided misleading information to ratings agencies in order to get higher ratings on certain mortgage-related products. The SEC is said to be participating in the investigation as well and has issued civil subpoenas. The targets of Cuomo's probe are: Goldman Sachs (GS), Morgan Stanley (MS), UBS (UBS), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), Credit Agricole (CRARY.PK) and Merrill Lynch (BAC). Alternate reports also place JPMorgan Chase (JPM) on the list. Premarket: GS +0.7%, MS +1.1%, UBS -0.5%, C -1.7%, DB -1.05%, BAC -0.1% (7:00 ET).
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