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Here We Go Again

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The National Credit Union Administration (NCUA) filed a complaint against Morgan Stanley and Morgan Stanley Capital I Inc, Barclays, JPMorgan Chase & Co’s unit Bear Stearns, Credit Suisse Group, Royal Bank of Scotland Group and UBS sold faulty securities to Southwest and Members United corporate credit unions. Goldman Sachs Group Inc, Wachovia Corp, a unit of Wells Fargo & Co and Residential Funding Securities LLC, now Ally Securities, also sold faulty securities to Southwest. The NCUA has filed its complaint to pursue accountability and recovery in the wake of billions of dollars in sales of faulty securities. The abuse of trust simply never ends.