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The New York Time and the Associated Press are reporting that the New York State Attorney General, Eric Schneiderman, is quietly investigating three major American banks and their role in the mortgage securities market prior to the housing crash. Gretchen Morgenson writing in the Times says that Bank of America, Goldman Sachs, and Morgan Stanley have been asked for information and documents and Schneiderman's office has requested meetings with bank representatives. Morgenson gathered her information...

Citigroup is reportedly considering a merger with financial institutions Goldman Sachs or Morgan Stanley , according to a CNBC report. Citigroup's stock is rising in after hours trading, up $0.26 to $4.97, but earlier today the stock closed down sharply...

The Federal Reserves announced Sunday night that applications by Goldman Sachs and Morgan Stanley to become bank holding companies were approved. The approval is still subject to a five-day anti-trust waiting period. The Fed said the decision was made...

Another major American financial institution went on the international auction block Wednesday afternoon as Morgan Stanley announced it was accepting a $5 billion cash infusion from China Investment in return for a stake in the bank estimated to be as high as 9.9 percent.

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