Cuomo Eyeing Whether Banks 'Duped' Rating Agencies

Law360, New York (May 13, 2010, 10:10 AM EDT) -- New York Attorney General Andrew Cuomo is reportedly investigating whether eight major banks “duped” rating agencies in order to pump up the grades of mortgage-related securities.

Cuomo issued subpoenas late Wednesday to Goldman Sachs Group Inc., Morgan Stanley, UBS AG, Citigroup Inc., Credit Suisse, Deutsche Bank AG, Credit Agricole and Merrill Lynch & Co., according to a report in The New York Times.

Cuomo's probe centers on whether the banks gave bad information to Standard & Poor's Financial Services Inc., Fitch Ratings and Moody's Investor Services,...
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