Investigation of US banks by New York AG

Read this article.

My comment.
This investigation has relevance to the investors of the Mini-bond, Pinnacle notes and Jubilee notes. If the banks had acted fraudulently in getting the rating agencies to give a misleading rating, there is the possibility of recovering the loss in US courts.

I respect the AG of New Yrok. At the time that the alleged wrongdoings were happening, people were not aware. When they now know the facts, with the benefit of hindsight, they are willing to take the banks to court and let the court decide if there were any wrongdoing. The banks are likely to agree to some form of settlement and to make some compensation to the parties that were wronged.

I hope that our authority in Singapore will also consider similar action on behalf of the small investors that were hurt by these wrong doings.