Then we will be talking REALLY MONEY with a CAPITAL B, huh?
"State Street hints at stiff fines; Legal fund is dwindling as reviews continue" by Todd Wallack, Globe Staff | August 11, 2009
State Street Corp. yesterday hinted it might face stiff penalties from federal and state regulators who are investigating whether the company misled investors about the safety of some of its conservative bond funds that wound up losing money in subprime securities....
Yeah, they have gone through about $500 million dollars so far (part of their $2 billion in bailout $$$?) to pay some off the losses.
The SEC appears to be focusing on whether State Street misled clients about some bond funds that were pitched to pension funds and other institutional investors as a conservative, safe investment, but wound up racking up large losses after placing riskier bets in mortgage-backed securities, home-equity loans, and other investments.
Is it NOT NICE that YOUR PENSIONS are something to be GAMBLED WITH, America?
Also see: VenCap Vroom-Vroom
And now they want to GAMBLE on YOUR LIFE!!!!
What's next, SOULS?
The company’s warning yesterday is a sign of how much more aggressively regulators and investors are pursuing companies for fraud and other securities violations in the wake of the worst stock market and housing collapse since the Great Depression. Those actions could force the targeted companies to shell out millions of dollars in legal claims and settlements....
Yeah, right. Yup, authorities are getting after 'em!
--more--"
A $2 Billion Taxpayer Windfall For State Street
State Street Swindle Screwed Nuns
