Woulda Coulda Shoulda
Dec 10th, 2007 at 7:07 am by Susie
Imagine - regulators holding back in the Bush administration:
Federal and state authorities may have missed an opportunity two years ago to get ahead of the mortgage-securities-pricing crisis now gripping Wall Street.
In 2005, the Securities and Exchange Commission and New York state’s attorney general’s office launched separate investigations into whether Wall Street securities firm Bear Stearns Cos. harmed investors by improperly valuing complex mortgage securities. Determining the prices of these securities, often based on mathematical models, involves some guesswork, particularly in distressed markets.
An SEC branch office said it intended to recommend that Bear Stearns be charged for improperly pricing about $63 million of mortgage securities it sold.
it seems baer stearns has had unusually good fortune in swirling free of criminal prosecution in at least three incidents! the s.e.c. and mr. cuomo’s office should be given staff and funding to find the facts [which should be easy]. too many “junior” execs alledgedly handling should lead to the actual big fish. go get them.
Are you the Lester Arstark who went to Weehawken High School with me?