>>Criminal Probe into Banks Now Includes JP Morgan (JPM), Citigroup (C), Deutsche Bank (DB), UBS (UBS), Morgan Stanley (MS) and Goldman Sachs (GS)
By Damien Hoffman Posted on May 13 2010. ShareThis
Ladies and Gentlemen. Welcome to the title bout for the Heavy-Weight championship of the world. Fighting out of the blue corner is the Securities and Exchange Commission (SEC) and Federal Prosecutors. Fighting out of the red corner is the banking cartel of JP Morgan (NYSE: JPM), Citigroup (NYSE: C), Deutsche Bank (NYSE: DB), UBS (NYSE: UBS), Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS).
The fight centers around the issue of whether “major Wall Street banks misled investors about their roles in mortgage-bond deals.” All other information at the moment is strictly conjecture for talking heads because:
Prosecutors so far are simply gathering evidence. They haven’t issued criminal subpoenas, nor have they homed in on the outlines of any potential case.
To win a criminal case, they would have to prove beyond a reasonable doubt that a firm or its employees intentionally misled investors. It’s possible the probe could end with no charges being brought against any of the firms. It is unclear whether any individuals are of particular interest to the authorities.
Lucky for us, this world-class fight for the ages won’t be televised on pay-per-view like Sugar Shane Mosley versus Floyd Mayweather. Instead, you can catch all the drama right here at Wall St. Cheat Sheet for free. Let’s get ready to rumbllllllllllle!!
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