Friday, April 18, 2008
More brown stuff hitting the fan in the US!
Probes into the collapse of the auction-rate securities market are widening as state regulators from New York to Washington scrutinize how Wall Street peddled the bonds to investors and issuers. ``To have subpoenas and the threat of criminal investigations raised suggests that somebody has made up their mind that there really are abuses there,'' said Donald Langevoort, a former Securities and Exchange Commission attorney who now teaches securities law at Georgetown University in Washington. ``It certainly suggests something more than regulatory curiosity.''