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FBI Arrests 7 More People In Ongoing Insider Trading Case
CNBC reports. Unclear at this point if the arrests are related to Galleon. Identities so far unknown. Should make the paranoia in the rest of the hedge fund world reach 5mg Geodon prescription levels. Details from the WSJ: "The New York office of the FBI said the individuals were primarily taken into custody in New York. One person was arrested in New Jersey and one person was arrested in Connecticut."
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On those arrests, did they turn themselves in? Did someone else turn them in? These days I have to question the investigative work, or lack of, those in charge.
I too question the investigatory zeal--hundreds, maybe thousands, of people have apparently known about Galleon for years. Given the "networking" of Wall Streeters, I have to assume that trading on "insider" information may not dominate the industry (except for examples like GS), but is a normal part of operations.
Td, nice to see cnbs ripping off your goldman trading research earlier this morning...guess they do read ZH.
it's a compliment of sorts.
JPM charged with pay for play fined by SEC...BFD! business as usual...
Yeah, I spotted that yesterday, JPM is out looting and destroying local gov'ts with nefarious investment schemes and they get a FINE.
The regulators, in a bid for any positive PR are going to have a news conference @ noon (est) to announce the names of the individuals arrested.
Looks like they got the REALLY big players as these individuals profited, in total to the tune of $20m (in GS terms that is a rounding error).
Is Hank Paulson still a free man?
S crew
A ll
C ops
The GS-Men ..oops the G-Men were dispatched to take of the competition, oops, the criminals.
Uh Oh....
Some small thieves upset some of the "bigger thieves" ?
The "bigger thieves" do not like even "small" invasions of "THEIR" business....
The GS, JPM models are so conflictive and "legal illegal"....
The best legal illegal "money and the promise of jobs"
can BUY....
Welcome to American Style Fascism....
Goldman Sachs Received H1N1 Vaccine Before Several Hospitals (GS)
If there is any truth to this...its a clear message to the sheeple, children, pregnant women and healthcare professionals of the dire consequences when government manages healthcare/pharma...
For conspiracy theorists the Galleon case is very important. Insider trading has always been a problem in markets. However, what about the rampant games played by mutual funds who manipulate stocks all the time? Who can recall an action against a mutual fund? Pre Zero Hedge, (and how did we live without it,) Naked Capitalism extensively detailed abuses with stock options. Led by Golden Boy Steve Jobs at Apple, something like 400 public companies faced serious charges of manipulating/backdating stock options. Again, I don't recall many cases brought by the SEC or any State AG.
There is no rhyme or reason to securities enforcement. There never has been as key players, the big banks, are always protected. Even smaller broker/dealers have a remarkable ability to be charged, settle, and live to abuse investors, and investment professionals, (often times their own employees,) again.
In this case make no mistake, the hedge fund world is under a direct attack from Washington. They are the odd man out in securities reform and the MFA and other trade groups who seek to represent them are fighting a losing battle.