Subprime Investigation Expands... | Chicago Securities Fraud Attorneys Investment Arbitration Law Firm

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Wednesday, November 28, 2007

Subprime Investigation Expands...

Investors have already lost billions in allegedly safe bonds that in fact were of a very high risk nature. The latest expansion of the investigation into Wall Street covers Royal Bank of Scotland. Andrew Cuomo, the New York attorney-general, has subpoenaed RBS and about 15 of Wall Street’s biggest sub-prime mortgage bond underwriters, such as Bear Stearns and Merrill Lynch, requesting information that will help to determine how much due diligence was conducted on the home loan-backed securities that they issued. We have just viewed the tip of the iceberg.

Andrew Stoltmann