January 18, 2012
The SEC Files A Financial Crisis Suit
Posted by David Zaring

BankAtlantic allegedly minimized the problems in its loan portfolio (strong in Florida real estate) during the financial crisis; now the SEC is suing the bank and its chairman for fraud in failing to disclose risks that the bank was worried about, privately.  Taking the complaint abstractly, I'd say that it's the kind of conduct that a large number of banks might need to worry about, meaning that perhaps indeed, we're looking at some late-breaking SEC crisis enforcement.  Here's the press release, here's last years' news that BB&T bought BankAtlantic, suggesting possible encouragement from the FDIC, though there's nothing about it in the article.  It doesn't appear to be a big case announced by the highest of higher ups at the agency, but it does bare watching.

Financial Crisis, Financial Institutions | Bookmark

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