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Wall Street inquiry expands beyond Goldman Sachs

Nathaniel Popper
Los Angeles Times [1]
Friday, May 14, 2010

The investigation that has been focused on Wall Street titan Goldman Sachs Group Inc. is widening to include questionable business practices of several other major banks.

New York Atty. Gen. Andrew Cuomo subpoenaed eight banks and three ratings firms late Wednesday, seeking information on how the banks may have tried to influence the ratings of mortgage-backed securities that eventually lost value with the housing market collapse.



The banks on Thursday confirmed receiving the subpoenas and said they would cooperate.

The investigation by New York’s top prosecutor came as the Wall Street Journal reported that federal investigators were expanding the inquiry into potential criminal activities at a number of the biggest banks, including Goldman, Morgan Stanley, JP Morgan Chase & Co. and UBS.
Full story here. [1]