New York State Attorney General Andrew Cuomo arrives at a news conference in New York, February 24, 2010.     REUTERS/Brendan McDermid It’s been a busy day on the regulatory front. The New York Attorney General’s office is investigating eight banks for possibly misleading ratings agencies on the quality of mortgage securities, a source says. The Fed is conducting a broad criminal investigation into whether major Wall Street financial firms misled investors on mortgage bond deals, another source says.

Adding to the mix:
–the Senate voted to impose tighter regulations on credit-rating agencies.
–Federal Reserve Chairman Ben Bernanke is concerned about a Senate proposal that could force banks to spin off their swaps business
–the White House and two state attorneys general said they don’t like an amendment to the Wall Steet reform bill that would give the federal government more power than states to regulate banks

From the Web:

Goldman, BofA, Citigroup….Did Prosecutors Leave Anybody Out - WSJ
“It’s Thursday, and one thing is clear from this morning’s headlines: Pretty much all of Wall Street is under investigation.”

Analysts Not Sweating Probe Of Morgan Stanley – WSJ
“They’re surely no worse than others, and maybe they’ll even come out ahead.”

Reduced competition juices banks’ trading records - Reuters
“Four major banks generated trading profits every day in the first quarter, an almost unheard of event that signals how competition has abated since the financial crisis began.”