Sunday, November 21, 2010
Will we finally get some Wall St perp walks?
Word is out that a very large investigation of insider trading is close to fruition. From the size of the investigation, insider trading is no longer confined to the odd trader here or there but has become a way of life for many on the street including a sizable number of Goldmine Sachs traders.
Federal authorities, capping a three-year investigation, are preparing insider-trading charges that could ensnare consultants, investment bankers, hedge-fund and mutual-fund traders, and analysts across the nation, according to people familiar with the matter.Get the popcorn ready, the show is about to start.
The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say.
The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.
Subscribe to Posts [Atom]
Post a Comment