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May 13, 2010

New York Probes Eight Banks over Duping Ratings Agencies
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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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