Wall Street’s Repeat Violations, Despite Repeated Promises

Many big Wall Street firms have settled fraud cases brought by the government with a promise to never violate the same law. But an analysis of Securities and Exchange Commission documents by The New York Times found that since 1996, there have been at least 51 repeat violations by those firms. Bank of America and Citigroup have each had six repeat violations, while Merrill Lynch and UBS have each had five.

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Source : NYTimes

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Quote of the week

The trader John Paulson earned himself $4 billion and his funds another $15 billion in one year by betting against the housing market. For help predicting the extent of the downturn, Paulson hired none other than Alan Greenspan as an advisor to his hedge fund. The Fed chairman who encouraged the housing bubble even after it began to crash is now cashing in on the very devastation his policies created. The money did not disappear at all.

Douglas Rushkoff  : Life Inc

 

Congress: Trading stock on inside information?

“Schweizer says he wanted to know why some congressmen and senators managed to accumulate significant wealth beyond their salaries, and proved particularly adept at buying and selling stocks. “

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Source :CBSnews