Chillin' out till it needs to be funded
BTW, firstly, a doff to The Big Picture Barry Ritholtz for sharing tremendous insights lately on his blog ( Barry is B , Our Big Guy and has earlier written about market making trends and more, now giving us nuggets of himself as senior veep and more inside the top investment banks/trading rooms whether Lehman or those others at http://ritholtz.com)
Then this here from WSJ, the expanse of the Insider Trading Network on the bureaucratic nose. By the time, SEC investigations end, the new literature on Wall street in the last 18 months would be much behind times and probably ashamed at the inventive imagery of the SEC investigators and Congressmen who put it together now 😀
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.
One focus of the criminal investigation is examining whether nonpublic information was passed along by independent analysts and consultants who work for companies that provide “expert network” services to hedge funds and mutual funds. These companies set up meetings and calls with current and former managers from hundreds of companies for traders seeking an investing edge.(WSJ: US in vast insider probe)
Again Gordon Gekko needs new airbrushing to come up to speed and of course with so much fiction merging into faxt, we’ll be looking to Barry to point out to the battles that were real and those that were not.