It was the first case brought by a new investigations team created by the SEC to examine the securitization market, which lies at the heart of the financial crisis.

FORBES: Goldman Settles SEC Charges For $550 Million

It is the first case brought by a new investigations team created by the SEC to examine the securitization market, which lies at the heart of the financial crisis.

FORBES: SEC Charges Goldman With Subprime Fraud

Bowen, who left Citi more than a year ago, and other panelists kicked off a three-day hearing on subprime loan securitization by the commission, which is probing the roots of the financial crisis.

FORBES: The Man Who Tried To Blow The Whistle At Citi

So it was that SCF became known as "Ethical Investing" and Western and Muslim financiers began lecturing the world that the fraud and abuse of the financial markets, such as the Enron debacle and now the sub-prime securitization meltdown, were all driven by the desire for forbidden gain through interest and gambling.

CENTERFORSECURITYPOLICY: The double-edged sword

During most of the past decade, the financial industry placed a near-religious faith in the idea that distributing credit risk (via securitization) made banking safer.

FORBES: Get Briefed: Thomas Cooley

Government backing for the securitization of these toxic mortgages by Fannie Mae and Freddie Mac ensured this vulnerability was spread throughout the financial community of the U.S., and the entire world.

FORBES: President Obama's State Of The Union Confusion And Deception

Through their securitization practices, Fannie and Freddie proceeded to spread the unrecognized high risks of these mortgages throughout the financial world, selling shares in pools of them to other financial institutions and investors, in America and around the globe.

FORBES: Media Parrot Obama Financial Crisis Campaign Propaganda

Merrill Lynch, acquired the same weekend that Lehman Brothers spiraled into bankruptcy in 2008, has been a strong earnings driver in recent quarters, while the earlier deal for Countrywide Financial has been an anchor on the company due to a host of litigation related to questionable mortgage lending and securitization.

FORBES: Bank Of America To Pocket $1.8B From China Construction Sale