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Goldman Sachs (GS), Wells Fargo (WFC), and (apparently) JPMorgan (JPM) have received Wells...

Goldman Sachs (GS), Wells Fargo (WFC), and (apparently) JPMorgan (JPM) have received Wells notices from the SEC relating to the sale of MBS during the credit boom. Such notices are an indication SEC attorneys have recommended the agency file civil suits.
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Comments (4)
  • The Geoffster
    , contributor
    Comments (4013) | Send Message
     
    Civil suits are a joke. All they do is punish stockholders. Indicting management will go a long way toward restoring confidence in the banks
    28 Feb 2012, 08:37 PM Reply Like
  • Deja Vu
    , contributor
    Comments (1277) | Send Message
     
    More Kabuki for the election. Obama can stand and declare "We've filed suit against those big banks which sold sub prime mortgage backed securities". One week after the election all of these suits will be settled for $ 5 million fine apiece with no admission of wrongdoing.

     

    And all of the staff working at the SEC currently on these lawsuits will quit their jobs and go work for the exact same banks they were supposedly working against, for fat salaries and bonuses.
    28 Feb 2012, 08:48 PM Reply Like
  • Ted Bear
    , contributor
    Comments (598) | Send Message
     
    Well, Lloyd was doing god's work, so he is off the hook right away. Pretty soon he'll be able to give up a couple of body guards and come out from behind the bulletproof glass walls of his office. Must be one hell of a life being so popular that you can't even show your face without security. Of course, in his mind he probably thinks this is the price for helping god. Poor bastard.
    28 Feb 2012, 08:58 PM Reply Like
  • Hubert Biagi
    , contributor
    Comments (698) | Send Message
     
    The problem was not the people selling these MBS, but the people buying them.
    28 Feb 2012, 10:58 PM Reply Like
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