The NCUA sues JPMorgan Chase for non-disclosure in offering materials for real estate mortgage-backed securities. Too bad Preet Bharara hears no evil, sees no evil, tastes no evil, smells no evil, and touches no evil, meaning that he has nothing to say about securities violations that don’t affect hedge funds.

Goldman Sachs does not appear to have acted as a “market maker” as Lloyd Blankfien keeps claiming, but rather as an underwriter. Underwriters are subject to liability under the Securities Act of 1933 for “material misstatements” , fraud or deceit in the offering of securities for public sale. Uh oh.