Morgan Stanley Investigated Over Mortgage Securities, WSJ Says

Morgan Stanley is being probed by U.S. federal prosecutors over allegations it misled investors about mortgage derivatives, the Wall Street Journal reported, citing people familiar with the matter that it didn’t identify.
Investments known as collateralized debt obligations, or CDOs, backed by home loans, were arranged and sold by Morgan Stanley even as its trading desk would sometimes bet that their value would fall, the newspaper said, citing traders. The investigation is reviewing whether Morgan Stanley clearly represented its roles, the WSJ said.The probe, which is at a preliminary stage, marks deepening scrutiny of Wall Street firms by U.S. regulators following the global financial crisis, the Journal said. Rival Goldman Sachs Group Inc. is contesting a fraud lawsuit from the U.S. Securities and Exchange Commission, which alleges the firm misled investors about a mortgage-linked security in 2007.
“We have not been contacted by the Justice Department about the transactions being raised by the Wall Street Journal, and we have no knowledge of a Justice Department investigation into these transactions,” Morgan Stanley spokesman Nick Footitt said in an e-mail to Bloomberg News.
Spokespeople for the Manhattan U.S. Attorney’s office and the SEC declined to comment, the Journal said.
The probe stemmed from an ongoing civil-fraud investigation of more than a dozen Wall Street firms’ mortgage bond businesses by the SEC that began in 2009, the newspaper said. The Manhattan U.S. Attorney’s office is now conducting a criminal probe into some of those firms’ activities, it said.
Criminal Investigations
The government frequently begins criminal investigations without filing charges, the Journal said. In bringing criminal charges, the government would need to prove beyond a reasonable doubt that the firm or its employees misled investors, it said.
Two of the transactions being probed were named after U.S. Presidents James Buchanan and Andrew Jackson, and were called the “Dead Presidents” deals by traders, the WSJ said, citing a person familiar with the matter. Morgan Stanley arranged and bet against the deals, and didn’t market them to clients, it said.
The firm made money on the two transactions, though it lost $9 billion on mortgage-related investments in 2007, the newspaper said. Morgan Stanley wasn’t among the biggest firms in the CDO market, it said. life is a joke
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3 plead not guilty in deadly home invasion linked to internet ad

Three men accused of killing a Washington state man in a home invasion after the victim posted an internet ad were arraigned Monday, with all three pleading not guilty.
Clabon Terrel Bernaird, 23; Kiyoshi A. Higashi, 22; and Joshua N. Reese, 20, pleaded not guilty to first-degree murder, robbery and assault, Pierce County, Washington, prosecutor Mark Lindquist said. If convicted, they face potential sentences of around 70 years in prison, Lindquist said.
A fourth suspect in the case, Amanda C. Knight, 21, pleaded not guilty to the same charges last week, Lindquist said. He added that the four defendants are each being held on $2 million bail at the Pierce County jail. Their next court appearance is scheduled for June 9.
The four are charged with killing James Sanders on April 28 after he and his wife posted an ad on the online classified ad site Craigslist offering a diamond ring for $1,050, Lindquist said.
Lindquist said the Sanders agreed to meet prospective buyers of the ring at their home in Edgewood, Washington, outside Tacoma.Video: Man killed after posting Internet ad
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"Two people show up and act like a couple looking for a ring for the mother-in-law," Lindquist said. But once they entered the house, he said, the man posing as the husband pulled out a handgun.
The victim, his wife, and their sons, ages 14 and 10, were restrained with plastic handcuffs, Lindquist said. Two other suspects then entered the home. One pistol-whipped the older son, he said.
Sanders broke out of his restraints and attempted to efend the 14-year-old, and was shot three times, the prosecutor said. "While this is going on," Lindquist said, "other bad guys are kicking Mom in the head while she's lying on the floor."
Lindquist said of the slaying, "this is a cautionary tale."
"You hate to tell people to be wary of your fellow citizens, but the reality is you've got to be wary when you are doing something when interacting with strangers on Craigslist."in the sky
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