Goldman and Wells Fargo Face S.E.C. Inquiries

[babylonsister]

Goldman and Wells Fargo Face S.E.C. Inquiries
By MICHAEL J. DE LA MERCED

8:25 p.m. | Updated


Goldman Sachs and Wells Fargo disclosed on Tuesday that they were facing inquiries from the Securities and Exchange Commission over mortgage-related investments offered to investors several years ago.

In their annual reports with the S.E.C., Goldman and Wells Fargo said that they had received Wells notices from the regulator over unidentified sets of mortgage-backed securities. Such letters usually indicate that the agency is considering bringing an enforcement action.

Both companies said that their Wells notices were tied to disclosures made in the offering documents of the securities.

“The firm will be making a submission to, and intends to engage in a dialogue with, the S.E.C. staff seeking to address their concerns,” Goldman wrote in its disclosure.

Other banks, including JPMorgan Chase, are expected to disclose receiving Wells notices as well.

more...

http://dealbook.nytimes.com/2012/02/28/goldman-discloses-s-e-c-inquiry-over-mortgage-investment/

[tsuki]

1. Yes, Mary "No Wrong Doing" Schapiro looking

to help out some buddies.

[babylonsister]

2. I don't know about that, but

I went to high school with her. Small world.