Wall Street faces fury over subprimes

Wall Street faces fury over subprimes

news.yahoo.com

Aside from the civil cases, the FBI is looking at possible criminal action, focusing on what Wall Street firms knew about the risks of mortgage securities backed by subprime loans, and whether they hid risks from investors.

Observers don't expect the financial penalties that regulators extract in the civil cases to be massive. But the cases could turn up evidence that forces Wall Street to defend itself amid growing talk of government help to ease subprime-related financial strains on bond insurers. Revelations of bad behavior turned up by the government also could spur private investors to file even more lawsuits than the hundreds they've already brought to recover losses.

"This could get a lot nastier, for many reasons," said John Akula, a business law lecturer at the Massachusetts Institute of Technology's Sloan School of Management. "Prolonged close scrutiny often turns up all kinds of dubious practices that in normal times are under the radar.

(visit the link for the full news article)

Uh-oh...Looks like some of the biggest profiteers off of this subprime scam may not be getting off so easy. Lawsuits, and possible jail time are in the works for some of these crooks perhaps.

news.yahoo.com
(visit the link for the full news article)

Here's what was said in front of congress on Thursday last week. HereIt got moved to BTS, but look at how Spitzer claims it was aided and abetted by the admin. He was NY Attorney General at the time and even though he may be a Democrat with higher aspirations, he is well qualified to speak on the issue.

I am afraid that this people will leave and live their life unscathed and protected.

That is the way that corporate American is been taken care off.

Yes is going to be a lot of scrutiny but I doubt that anything is coming out of this.

Please post int he existing thread:

www.belowtopsecret.com...

Thanks