Wall Street's top firms under closer scrutiny

13:36, May 14, 2010      

Email | Print | Subscribe | Comments | Forum 

Federal prosecutors in New York are launching a broad criminal investigation into some of the major Wall Street financial firms to determine whether they misled the investors, media reported Friday.

JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500), Deutsche Bank (DB) and UBS (UBS) have received civil subpoenas from the Securities and Exchange Commission, according to a person familiar with the matter.

They join fellow Wall Street firms Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS, Fortune 500), which are believed to be under the scrutiny by U.S. prosecutors and regulators.

The person said that the investigation included mortgage-bond deals, that it was in an early stage and that it might not necessarily lead to criminal charges against all of the firms.

Separately, New York authorities began an investigation into whether eight banks, including Goldman Sachs, Morgan Stanley, Deutsche Bank, Credit Suisse (CS), Citigroup, UBS, Credit Agricole and Merrill Lynch, misled rating agencies with regard to mortgage-derivative deals, a separate source familiar with the matter said on Thursday.

The intensity of the civil and criminal investigations has increased since Goldman Sachs was charged last month with fraud by the finance industry regulator, the Securities and Exchange Commission, and politicians stepped up their attacks on Wall Street's activities.

Source:Xinhua

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based eastday.com reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion