JP Morgan Enjoying FINRA's Recently Amended Conflict-Enhancing Quiet Period In Upgrading MB FinancialSubmitted by Tyler Durden on 09/15/2009 12:24 -0400
There was a time when FINRA did some good things. It did mostly useless things, and was glaringly incompetent in even those, but on occasion it would do something proper, at least when moderating analyst conflicts of interest. Then the crash came, and all bets were off. Interestingly, in October 2008, a month after the bottom came off the market, and when the kitchen sink was being thrown at stocks in order to prevent further collapse, FINRA lost the last shred of interventionist integrity it had when it decided to abolish the so-called quiet period for research actions subsequent to a follow-on offering. Yesterday, JP Morgan was more than happy to take advantage of this last shred of regulatory decency collapsing by the wayside, as more and more synergies of the SEC-Wall Street merger become effectuated.
Everyone's favorite Indications Of Interest (IOIA function in BBerg) is about to come under some serious regulatory fire.