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Since November, the Fed has bought securities at a rate of about $75 billion a month.
Bond insurers, including MBIA, guaranteed mortgages while big investors bought securities backed by home loans.
Shareholders and bondholders bought securities KNOWING there was the possibility of loss.
In Europe, commercial banks have bought securities firms and insurance companies.
That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages from JPMorgan and other big Wall Street banks.
"Congress's intent was to protect a customer's legitimate expectations, even if the broker stole the customer's money and never bought securities," Mr. Neville said.
In the MiG case some of the money went first to an investment bank, MFK, a Uneximbank subsidiary, which bought securities and passed them on to Unikombank.
bought securities like that then?
Investors who bought securities based on those loans worried they would not get the payments they had been promised, so those securities lost value.
Investors bought securities through the firm, and Ward used the securities as collateral to borrow money to buy more securities.
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