Feds looking at UBS

Could we see some of those CDO merchants actually doing jail time? Go on, admit it, the thought excites you.....

Federal prosecutors are looking into whether UBS misled investors about the value of mortgage bonds it held, according to a published media report.

In a preliminary investigation, the U.S. attorney in New York's Eastern District in Brooklyn is probing whether the Swiss financial giant booked inflated prices for mortgage bonds despite knowing their valuations had fallen, according to the report, published Saturday in The Wall Street Journal.