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: FinancialCounselSNSFE, As Well As A Host Of State And Federal Authorities, Probe Subprime Mortgage-Related Investments And Related Conduct
By James Eccleston
Attorneys at SNSFE continue to investigate investment losses related to subprime mortgage investments. But the probe is widening in a criminal and civil sense. In today's news, there is a listing of a sampling of investigations of financial firms over the subprime downturn:
- The Brooklyn U.S. Attorney's office has launched criminal investigations of Bear Stearns and UBS.
- The Manhattan U.S. Attorney's office has requested information on Merrill.
- The SEC has three dozen probes, including formal ones of Merrill, UBS, and others of Bear, Morgan Stanley, and a review of Citigroup.
- The FBI is investigating 14 companies, from mortgage originators to Wall Street, for accounting fraud and insider trading.
- The New York Attorney General has subpoenaed Bear, Deutsche Bank, Morgan Stanley, Merrill and Lehman Brothers.
- The Massachusetts Secretary of State's office now has formally sued Merrill Lynch over mortgage-backed securities sold to Springfield, Mass., and it's probing Bear Stearns.
In addition, Maine securities officials are examining the circumstances surrounding Merrill's role in the sale of commercial paper issued by a SIV known as "Mainsail II," an affiliate of London hedge fund Solent Capital Management LLP, to the state treasury department in August for $20 million. Shortly after that sale, Standard & Poor's Corp. downgraded Mainsail from the highest rating to "junk" status, and the issuer defaulted on an interest payment that same month.
All of this spells long, engaging investigations of this activity. We welcome any comments and insights that our listeners may provide.
Full post as published by FinancialCounsel on February 08, 2008 (boomark / email).
Feds Rope AIG Into Subprime-Related Probe
If AG Michael Mukasey wants to leave mortgage-related prosecutions to local law enforcers (click here), he can rest assured that a veritable alphabet soup of federal law enforcers is on the case...
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Hat tip to Consumer Law & Policy Blog for alerting us to a new report from Navigant Consulting tracking trends in subprime mortgage litigation. It found 278 subprime-related cases filed in federal court in 2007, with well over half filed...
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The Houston Police Officers' Pension System has lost tens of millions of dollars, because its bank and investment management company made improper investments in "subprime, mortgage-related financial derivatives," according to a new suit...
Mortgage Fraud/Subprime Lending - Will Mukasey Appoint A Task Force
Will AG Mukasey appoint a task force to investigate and prosecute cases related to subprime and mortgage fraud? For right now it looks like Attorney General Mukasey has not made up his mind...
The Governance of Retirement Plans in the Aftermath of the Subprime Meltdown
Fellow blogger Susan Mangiero and I are quoted extensively in a very interesting article, available here, in the January issue of the Institutional Real Estate Letter. The article, titled Investing in Good Governance, focuses on one of - if not the only - potential silver linings in the whole subprime mortgage mess, namely the possibility that it will help to focus pension plan fiduciaries on the fiduciary obligations, particularly as related to protecting plan assets from ill advised and ill informed investments, that they owe to the plan itself and to plan participants.
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