Where has the Fed been? This is a good example of why federal preemption of banking regulation or any regulation is such a bad idea.
We have a national problem causing havoc across America and we have to wait for Attorney General Andrew M. Cuomo of New York subpoenaed major Wall Street firms including Merrill Lynch, Morgan Stanley and Deutsche Bank, seeking information about the business of packaging and selling subprime mortgages.
Note that Cuomo is interested in the due diligence (or complete lack thereof) in buying and packaging mortgages.
The real question, as with all high level, high dollar white collar crime, is: Will any heads really roll?
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