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The SEC has dropped a long-running investigation into whether Wells Fargo (WFC) misled investors...

The SEC has dropped a long-running investigation into whether Wells Fargo (WFC) misled investors in the sale of mortgage bonds. The probe is the second one related to such securities that the SEC has closed without making charges, with the agency dropping an inquiry into Goldman Sachs earlier this year. Still, the SEC did recently win settlements totaling over $400M from JPMorgan and Credit Suisse.
Comments (6)
  • Interesting Times
    , contributor
    Comments (10421) | Send Message
     
    Again, what a shock. The SEC dropping another investigation!! I swear if Corzine could of managed a way to get away with his problem it would find it's way out of the courts as well.

     

    This is sickening and frightening at the same time!!
    29 Nov 2012, 03:57 AM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    Yes...dropped...nothing happened...I guess when you donate enough to Obama┬┤s reelection you get things dropped...
    29 Nov 2012, 07:00 AM Reply Like
  • rcpatrick5443
    , contributor
    Comments (696) | Send Message
     
    My take on this is quite different. The SEC understandably starts its probes somewhat broadly -- without knowing how widely the suspected unethical or illegal conduct was spread through an industry. When it has investigated, it brings charges where it believes it can make its case, dropping from its proceedings the corporations or individuals for whom it has not found reason to continue investigating. WFC was probably dropped because no substantial evidence of wrong-doing was uncovered. That's good for WFC and potentially very bad for some other banks.
    29 Nov 2012, 07:58 AM Reply Like
  • Tricky
    , contributor
    Comments (1583) | Send Message
     
    SEC Investigator: I have a few questions

     

    Banking Exec: I have a question for YOU... do you WANT that job here or not?

     

    SEC Investigator: I cannot find evidence of wrongdoing here
    29 Nov 2012, 09:04 AM Reply Like
  • minecanary
    , contributor
    Comments (417) | Send Message
     
    Looks like it was going to hit too close to home...like finding Mozilo guilty of anything would have entailed admitting Dodd and 1/2 the Congress are scumbags. The 400 mill from the others is just the ante on what they reaped. It fools most of the sheeple into thinking you are actually doing something. I guess it's better then Gensler's inability to find wrongdoing in the silver markets when Helen Keller would issue indictments after rubbing the charts.
    29 Nov 2012, 10:46 AM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (11071) | Send Message
     
    Sadly this is all predictable. The SEC has got to be the worst shareholder advocacy and rights regulator. Asides from lining their pockets from settlements without admission of guilt, they always do nothing in terms of helping shareholders from corporate corruption and deceit unless they are already defunct like Barnie Madoff. And don't expect the Federal Reserve also charged with regulating banks to do anything to protect you either. They won't.
    29 Nov 2012, 11:16 AM Reply Like
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