Banking

Looking Behind the Velvet Curtain: SEC Probing Wall Street Banks for Hidden Subprime Losses 

The Wall Street Journal broke the story earlier this morning that the Securities and Exchange Commission has been combing the books of major Wall Street investment banks for any evidence of hidden subprime losses: Securities regulators are checking the books at top Wall Street brokerage firms and banks to make sure they aren’t hiding losses in the subprime-mortgage meltdown, said people familiar with the inquiry.