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U.S. regulator sues major banks on false claims of the strength of over $200 Billion of sub-prime bonds. This could mean big losses for an already on-edge banking sector. It is estimated that legal fees and costs will add up to the billions. What do you think of this situation guys? Here's the full story: US regulator sues 17 banks
I think the situation looks ugly for the big banks. Yes they'll probably be fine after the loss but they've been hit with a lot recently. I read that they can't charge stores that extra % to use their debit/credit cards and they are taking out these fees on bank account holders with monthly penalties. Hard to see these banks keeping a good reputation.