Check this out. Credit Suisse has been sued by Bankers Life Insurance because Bankers claims that Credit Suisse "performed no due diligence on the mortgage loans collateralizing the securities purchased by Bankers... Credit Suisse withheld material information on the true status of these securities, which, if properly disclosed, would have resulted in a substantial downgrade of the Moody's rating." Any guesses on what sort of loans they're talking about? My take (the short version) is that this is just another ripple effect of the subprime meltdown that will hurt our economy in previously unanticipated ways. What do you think?
Full article: http://www.financialnews-us.com/index.cfm?page=ushome&contentid=2447676333
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