Morning Roundup

Over the weekend, there was a story about FBI investigating Countrywide for possible securities fraud.  Remeber back in October 2007, we told you that they should be investigated by the feds.  At the time, they were taking mortgages they could not sell and keeping them on their books.  But instead of taking a write-off, they priced the securities by mark-to-model.  So it just keeps on getting worse for Countrywide.

Goldman Sachs is floating the idea that the feds might cut the rates today in response to weak job numbers.  If the feds to cut today, I would imagine it would lead to a panic.  Remember that the scheduled fed meeting is only one week away.