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Matt Taibbi writes: "This investigation has the potential to be a Mother of All Nightmares situation for the banks for a couple of reasons. For one thing, the decision to go after the securitization process is a total prosecutorial bullseye. This is the ugly heart of the wide-scale fraud scheme of the bubble era. Again, the business model during this time was a giant bait-and-switch scam."

File photo, Wall Street Bull, 06/15/09. (photo: file, unspecified)
File photo, Wall Street Bull, 06/15/09. (photo: file, unspecified)

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