With the Super Bowl two weeks away, it looks like authorities are taking a look at investment banks that helped underwrite offerings of gambling companies, which are basically banned in the U.S., in exchanges abroad. Banks said to have received subpoenas include HSBC, Credit Suisse, Deutsche Bank and Dresdner Kleinwort. The activity was reported first in the British media. None of the bulge bracket U.S. firms seem to be involved, as most declined to underwrite the issues overseas due to legal concerns. The moves step up a campaign by U.S. authorities against gambling websites, which are run from locations abroad but are accessible to U.S. residents. In any case, you can bet there will be plenty of (informal) betting on Wall Street.

For more:
- here's a New York Times article