Subprime follies

It’s a truism that Wall Street runs on greed and fear. The fear factor just got cranked up for some of them. The NY Atty General is suing Washington Mutual for inflating real state appraisals while the SEC likely to investigate Merrill Lynch for hedge funds deals that “may have been designed to delay recognition of losses from mortgage securities.”

And since Merrill just purged their CEO, some in Congress are asking if $161 million in benefits and stock for him isn’t just a little bit piggy. Ya think?

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