Scandals on Wall Street
Posted on December 27, 2009 by Shay Greenberg for Luckyroom.com
U.S. regulators are looking through investment banks on Wall Street about cases of deliberate low selling structured securities collateral to customers, according to the New York Times. As the yesterdays newspaper publication stated, the Securities and Exchange Commission (SEC) of USA, the Regulatory Authority for the financial sector (FINRA) and the inspectors of Congress are investigating the sale of complex tools known as guaranteed debt obligations (CDOs).
Among these banks, which appear to have staked the failure of securities are Goldman Sachs, Morgan Stanley and Deutsche Bank. According to the NYT, the investigations are at an early stage, on whether the banks violated the regulations on fair trade or regulations for the CDOs. The representatives of FINRA and SEC were not immediately available to comment on the matter.
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