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.

Preet Bharara, the US Attorney for the Southern District of New York, is letting the statute of limitations run on securities fraud related to sales of real estate mortgage-backed securities. He’s very busy with insider trading cases and partying with his buddies at the law firms that got reich creating teh deals and then coping with the fall-out.