Jonathan Weil has been making my face smile lately, telling it exactly like it is.

Bloomberg-

Is this the best that Eric Schneiderman has got?

Yesterday, the New York attorney general filed a thoroughly unimpressive lawsuit against JPMorgan Chase & Co. over allegedly fraudulent sales of subprime mortgage bonds by Bear Stearns, the securities firm that JPMorgan bought in 2008 with help from the federal government.

The allegations track those previously made in private litigation by former Bear Stearns customers suing for losses, including Dexia SA, the French-Belgian bank that got a government bailout last year. No individual who worked at Bear Stearns was named as a defendant in the civil lawsuit. There were no new revelations. Schneiderman’s office seems to have done little of its own investigative work.

[BLOOMBERG]

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