Attorney General Andrew Cuomo has launched an investigation of eight banks in order to ascertain whether they provided “misleading information” to rating agencies in an attempt to inflate the grades of certain mortgage securities, the Times is reporting tonight, based on two sources with knowledge of the investigation. The agencies have been criticized in the past for “overstating the quality of many mortgage securities that ended up losing money once the housing market collapsed.” Cuomo's current priority is uncovering the information that the banks provided to the rating agencies, as well as deducing whether the bankers knew that the ratings were overly positive. The targeted banks? Goldman Sachs, Morgan Stanley, UBS, Citigroup, Credit Suisse, Deutsche Bank, Crédit Agricole, and Merrill Lynch, which is now owned by Bank of America.
- 1. World Leaders Take Most Menacing G8 Group Photo Ever
- 2. Did Kimye Name Their Baby Kaidence Donda West?
- 3. The 10 Ways That Men Text Women
- 4. Dan Harmon Got Rehired for Community for the Same Reason He Got Fired
- 5. Man of Steel City Damage Professionally Estimated
- 6. The Story Behind the Brazil Protest’s Shocking Pepper-Spray Photo [Updated]
- 7. Serena Williams Issues Pathetic Non-Apology [Updated]
- 8. Dolce & Gabbana Sentenced to Prison [Updated]
- 9. Mad Men’s Kiernan Shipka on Smoking, Eye Rolls, and What’s Next for Poor Sally Draper