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Wachovia CDO's Targeted by SEC
The SEC may bring civil charges against Wachovia Corp. over its sale of collateralized debt obligations, the WSJournal reported. At issue is whether Wachovia overpriced the CDOs - financial instruments consisting of repackaged home-loan securities. This potential action is part of a wider investigation by the SEC into sales by U.S. banks of CDOs valued at approximately $1 trillion.
The CDO probe is, yet, another issues related to Wachovia since it was acquired by Wells Fargo 2008 for $19.4bn. Additional information will follow. [Bloomberg, 4/4]
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