Originally published on Fri October 12, 2012 3:08 pm
Hi! My name's Matt. I write about the financial industry for a site called Dealbreaker. Before that, I made a living as an investment banker, underwriting convertible bonds and other equity-linked securities and selling equity derivatives to corporate clients. (I know!)
New York's attorney general has sued JPMorgan Chase, alleging that a unit now owned by the banking giant fraudulently sold mortgage-backed securities in the run-up to the 2008 financial crisis.
The civil lawsuit filed Monday by state Attorney General Eric Schneiderman is the first to be brought by the RMBS Working Group – the task force formed by President Obama in January to pursue alleged wrongdoing at the time of the financial crisis.
The western Afghan city of Herat has become a thriving hub for the money exchange business, a consequence of geography and politics. Money-changers throng the currency market carrying thick stacks of Iranian currency, much of it brought in by the hundreds of thousands of Afghan workers who earn their living in Iran.
While the stacks of crisp 100,000 rial notes that money-changers bring to the market might look like a small fortune, the 10 million rials in each of these stacks is worth less than $400, because the Iranian currency recently lost more than half of its value.