SEC May Look for Hidden Subprime Losses
August 13, 2007 - The Securities and Exchange Commission declined to comment Friday on reports that it is checking top Wall Street investment banks’ books for hidden subprime losses. Robert Burson, an associate regional director in the SEC’s division of enforcement, was tight-lipped about reports that the commission will audit Wall Street banks, beginning with Goldman Sachs Group Inc. and Merrill Lynch & Co Inc., both of New York.
Enforcement and oversight of sub-prime lenders that operate outside of Federal juridiction is scheduled to begin in the fourth quarter of 2007.
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