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Reply #19: FBI investigates sub-prime crisis [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-30-08 07:46 AM
Response to Reply #17
19. FBI investigates sub-prime crisis
The FBI is investigating 14 companies embroiled in the sub-prime mortgage crisis as part of a crackdown on improper lending.

It did not identify the companies but said the investigation encompassed developers, sub-prime lenders and investment banks.

FBI officials said the agency was looking at instances of accounting fraud and insider trading.

The cases could lead to potential civil or criminal charges, the FBI said.

...

The FBI said it was investigating the cases with the US market regulator, the Securities and Exchange Commission.

The SEC has opened about three dozen investigations into the collapse of the sub-prime market.

Targets of the SEC probe include Swiss bank UBS and US banks Morgan Stanley, Merrill Lynch and Bear Stearns, Reuters news agency reported.

It was not clear whether any of these firms were involved in the FBI investigation.

/... http://news.bbc.co.uk/2/hi/business/7216602.stm
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