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In the two years since Wall Street’s risky real estate bets pushed the global economy toward the abyss, US regulators have been unable to prove any illegality.
A high-profile attempt to prosecute two Bear Stearns traders for lying to investors spectacularly failed when the two were acquitted last November.
But on Thursday, some of the world’s largest financial firms confirmed they were the subject of criminal and civil investigations linked to the sale of mortgage-backed securities.
In a system that grants authorities substantial leeway over which cases to prosecute, the probe is seen as a warning that they mean business.
This article, US Regulators and subprime probe – nothing yet, is just one of our articles from The HSBC Monitor, Part 2 – News and Complaints Behind the Scenes
The HSBC Monitor monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
