The U.S. Securities and Exchange Commission (SEC) has launched an inquiry into Merrill Lynch & Co.'s sub prime mortgage portfolio, The Wall Street Journal reported on Thursday.
In its third-quarter report filed with the SEC, Merrill said SEC staff initiated the inquiry on Oct. 24 and promised it will cooperate, according to the report.
Merrill reported a 2.3 billion dollar loss for the third quarter, mostly because of write-downs of sub prime mortgage-related assets.
Regulators are scrutinizing whether Merrill knew its problem was bigger than what it indicated to investors throughout the summer.
Source:Xinhua
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