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New York Probes Eight Banks over Duping Ratings Agencies

HeadlineMay 13, 2010

New York Attorney General Andrew Cuomo has begun an investigation into eight banks to determine whether they provided misleading information to agencies that rate mortgage securities. The probe’s targets are Goldman Sachs, Morgan Stanley, UBS, Citigroup, Credit Suisse, Deutsche Bank, Crédit Agricole and Merrill Lynch, now owned by Bank of America. The companies that rated the mortgage deals are Standard & Poor’s, Fitch Ratings and Moody’s Investors Service.

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