Chief
02-08-2008, 02:44 PM
http://www.marketwatch.com/news/story/us-reportedly-widens-mortgage-probe/story.aspx?guid=%7B056D9289%2DCF08%2D42D7%2DA938%2 D6EEDFFEBAF02%7D&tool=1&dist=bigcharts&
NEW YORK (MarketWatch) -- Federal prosecutors, expanding their look into Wall Street firms' mortgage businesses, asked the Securities and Exchange Commission for information that the agency has collected on Merrill Lynch & Co., The Wall Street Journal reported Friday.
Citing people familiar with the situation, The Journal called the Justice Department's interest "preliminary" but said sources told the newspaper that the U.S. attorney's office request could be a precursor to a criminal investigation. See full story at WSJ.com (subscription required)
The Justice Department's move comes after the SEC upgraded its own investigation into a formal probe, the paper reported. Moreover, the FBI is looking into dealings at 14 different firms and the way they did mortgage business.
I would not be surprized to see RICO charges come out of this eventually. The whole sub-prime mortgage scandal maks Enron look cheap by comparison..
Developing...
NEW YORK (MarketWatch) -- Federal prosecutors, expanding their look into Wall Street firms' mortgage businesses, asked the Securities and Exchange Commission for information that the agency has collected on Merrill Lynch & Co., The Wall Street Journal reported Friday.
Citing people familiar with the situation, The Journal called the Justice Department's interest "preliminary" but said sources told the newspaper that the U.S. attorney's office request could be a precursor to a criminal investigation. See full story at WSJ.com (subscription required)
The Justice Department's move comes after the SEC upgraded its own investigation into a formal probe, the paper reported. Moreover, the FBI is looking into dealings at 14 different firms and the way they did mortgage business.
I would not be surprized to see RICO charges come out of this eventually. The whole sub-prime mortgage scandal maks Enron look cheap by comparison..
Developing...