I can't find out much more information than this blurb from the Financial times:

Several leading international banks have received subpoenas from US regulators investigating one of the complex securities markets at the heart of the financial crisis, people familiar with the probe say.

The Securities and Exchange Commission sent subpoenas last month to banks including Goldman Sachs, Credit Suisse, Citigroup, Bank of America/Merrill Lynch, Deutsche Bank, UBS, Morgan Stanley and Barclays Capital, these people said. Requests for information were also made by the Financial Industry Regulatory Authority, which oversees broker-dealers.

I searched high and low for more inforation to no avail. This is very significant that the SEC is looking into those very derivatives which we have written about, that are impossible to evaluate and also based on bad math.

Therefore, blurb or not, if the SEC is finally taking action on derivatives, all hail the creator in cheer.

In the interim, of course Senator Dodd is considering scrapping the CFPA in the Senate Financial Reform bill.