Friday, August 10, 2007

“Not that we at the SEC don’t trust you guys or anything like that…”

SEC checks books of top banks and brokers for subprime losses, reports Wall Street Journal and Thomson Financial

It has come to somethig when the SEC publicly doesn't even believe the banks.

The US Securities and Exchange Commission is checking the books of top Wall Street brokerage firms and banks to make sure they aren't hiding losses related to subprime mortgage woes, Thomson Financial sites the Wall Street Journal as reporting today. Among the first firms said to be looked at are Goldman Sachs and Merrill Lynch. The SEC is looking into whether firms are using consistent methods to calculate the value of subprime assets in their own inventory, as well as assets held for customers such as hedge funds, according to the original WSJ report.

Posted by lvmreader @ 05:12 PM (383 views)
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