New York's Attorney General has filed fraud charges against JPMorgan Chase. The civil complaint alleges fraud in the sale of mortgage backed securities in the run up to the 2008 financial crisis. The securities at issue were put together by Bear Stearns, but that firm collapsed and was acquired by JPMorgan.
Despite millions of troubled mortgages around the country, housing hasn't been a major issue in the presidential race so far. Based on what they have said, President Obama and Republican Mitt Romney have more in common than their rhetoric suggests, an analyst says.
The suit relates to the securities sold by Bear Stearns, which collapsed in 2008 and is now owned by JPMorgan. It's the suit first to be filed under the auspices of the RMBS Working Group, set up by President Obama to investigate and prosecute alleged misconduct that contributed to the financial crisis.
The cloud's vast computing power is making it easier and less expensive for companies and clinicians to discover new drugs and new medical treatments. Analyzing data that used to take years and tens of millions of dollars can now be done for a fraction of that amount.
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