Eight banks face US investigation

BBC News
May 14, 2010

Eight banks are facing a US investigation into the rating of their mortgage products, the BBC understands.

• A d v e r t i s e m e n t

New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain a better ratings for risky securities.

The banks under investigation are believed to include Goldman Sachs and Morgan Stanley.

Bad US mortgage debt was one of the main causes of the financial crisis.

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This article was posted: Friday, May 14, 2010 at 6:50 pm

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