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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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From: ldo79	1/29/2008 5:27:12 PM
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hey - ain't this verboten just before a FOMC release....... Conn. AG issues multiple subponeas over subprime Tue Jan 29, 2008 5:20pm EST NEW YORK, Jan 29 (Reuters) - Connecticut State Attorney General Richard Blumenthal said on Tuesday his office has issued subpoenas to all major rating agencies and bond insurers in a widening probe of industry practices related to the subprime mortgage crisis. In an interview, Blumenthal also said his office is investigating the role of investment banks in a "far reaching" probe into "problematic practices in the ratings and securities areas." "We have an investigation relating to possible wrongdoing involving the bond insurers and mortgage lenders and also the investment banks, seeking to know whether people buying securities backed by mortgage debt may have been misled by failures to disclose relevant facts on the risks involved," said Blumenthal. He specifically said MBIA Inc (MBI.N: Quote, Profile, Research) and Ambac (ABK.N: Quote, Profile, Research) were subpoenaed. He also said his office had issued demands for information from "all" the rating agencies. He didn't name investment banks involved in the probe.

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