AP Source: NY AG probing 8 banks over securities

NEW YORK — The New York attorney general has launched an investigation into eight banks to determine whether they misled ratings agencies about mortgage securities, according to a person familiar with the investigation.

Attorney General Andrew Cuomo is trying to figure out if banks provided the agencies with false information in order to get better ratings on the risky securities, said the person, who spoke on condition of anonymity because the investigation has not been made public.

Cuomo’s office is investigating Goldman Sachs Group Inc., Morgan Stanley, UBS AG, Citigroup Inc., Credit Suisse, Deutsche Bank, Credit Agricole and Merrill Lynch, which is now part of Bank of America Corp.

Continue reading HERE

Related posts:

1. Securities and Investments: Fraud Digest Securities and Investments  Morgan Stanley Action Date: May 12, 2010  Location: New...
2. Securities and Investments: FRAUD DIGEST by Lynn Szmoniak ESQ. Securities and Investments Abacus 2007-AC1 Goldman, Sachs & Co. Fabrice...
3. Deutsche Bank Faces U.S. Mortgage Securities Suit: REUTERS Deutsche Bank Faces U.S. Mortgage Securities Suit Deutsche Bank (DBKGn.DE)...
4. 13 BANKERS: MIT’s Johnson Says Too-Big-to-Fail Banks Will Spark New Crisis Review by James Pressley :BLOOMBERG REVIEWS March 22 (Bloomberg) —...
5. Citigroup probing rumor of erroneous trade: Citigroup probing rumor of erroneous trade International Business Times - Citigroup is...