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Now to the latest on a story that we've broken -- last hour the SEC is expected to vote today on possible charges against ratings firm Egan Jones.
Well as McDonald's -- following this story for us and she joins us from the newsroom.
Lydia -- we're hearing now from my Sean -- just emailed me to say that he will hold a press conference at 4 o'clock to discuss.
Look at possibly coming becoming -- from the SEC the SEC.
May vote today on whether or not to charge Egan Jones with intentionally misleading.
The SEC over the firm's rating experiences.
Experience over its finances over its failure to keep adequate books and records.
Over its internal procedures and this is a firm that's got through to compliance officers or last couple of years one of them had stepped -- to breast cancer concerns.
There's also issues about potential problems with Egan Jones conflicts of interest.
Policies this is a credit rating -- city gets paid by investors unlike.
Moody's S&P and Fitch which basic -- paid by the issuers of securities and bonds so.
This -- -- -- heavy blow to Egan -- this is a small shop that is that.
Basically gone up against the big guys S&P Moody's and Fitch it was first seven a box that downgrade Enron WorldCcom and the United States credit rating agency it.
They've downgraded the US last year and also threatened to downgrade the US earlier this year to double -- status.
And it made a controversial decision last November -- dengue downgrade Jefferies.
I did at Jefferies exposure to you're -- dead Jeffrey -- hotly criticized and that.
Saying have already hedged basically hedged against -- your debt which were positions -- you -- All of before we let you go by the way they Egan Jones stories them absolutely amazing but I know you're also covering Bank of America's earnings -- today.
How that they did.
Yet they did well and an adjusted basis when -- separate out you know the credit valuation.
Accounting Paper moves and here's a deal.
Don't mourning has been leaning heavily on Thomas Montag to boost trading revenues and Montag delivered.
They were trading doesn't did see -- doubling in its revenues vs the fourth quarter and nothing is something Charleston Shibani.
On the conference call this morning Brian morning -- made it interesting comments about the mortgage business of banking or Arafat -- saying it has hit bottom.
And that the basically the mortgage market is ready for an upturn -- as some think the sub prime portfolio at Bank of America.
Is about triple the size of the bank's own market cap so we want to see that improvement there of the balance sheet.
This bank is slowly improving back to you.
You'll always wanted to best when it comes in those balance sheets and bank has been banks.
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