Bank of America, Wells Fargo, Citigroup, Deutsche Bank, UBS, All Being Investigated: Report

By Nov 16, 2012, 6:41 PM Author's Blog  

FBN’s Charlie Gasparino reports that “two thirds of the JPMorgan (JPM) stuff that involved the securities in question came from Bear Stearns.” Gasparino went on to say, “Wells Fargo (WFC), Citigroup (C), Deutsche Bank (DB), UBS AG (UBS)” are all being investigated by the Securities and Exchange Commission [SEC] as well. The reason for the further investigation with the other banks is because, “Bob Khuzami, the enforcement chief for the SEC, has said that they found other non -Bear Stearns related stuff.” Excerpts from the report can be found below, courtesy of Fox Business Networks.

On whether there will be more SEC investigations:
“From what we understand there are active investigations going on against Bank of America, Wells Fargo, Citigroup, Deutsche Bank, UBS, all being investigated. I think you will see fines. This is not all fines, some of it is disgorgement, penalties, whatever – all in the same area.”

On whether the SEC found other non-Bear Stearns related things:
“We should point out Bob Khuzami, the enforcement chief for the SEC, has said that they found other non-Bear Stearns related stuff in here, that’s what he said, we reported that earlier. It was mostly Bear Stearns.”

On the SEC investigations with JPMorgan and Bear Stearns:
“We should point out that two thirds of the JPMorgan stuff that involved the securities in question came from Bear Stearns, shows you just how much of a liability Bear Stearns has. They made money off the firm, they also lost some money on the firm including this fairly sizable settlement today about 300 million dollars.”

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