SocraticGadfly: Security-house raids continue

July 17, 2008

Security-house raids continue

Federal regulators hit Wachovia Securities today. This coming on the heels of the FBI raid at IndyBank seems to signal some degree of concerted federal crackdown.

With Wachovia, it was the company’s failure to supply e-mails and other documents that produced the raid. Especially when you’re already the subject of a class-action lawsuit, it really isn’t a good idea to stiff regulators.

Meanwhile, Congress is mulling capping salaries of top mortgage broker execs.

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