It’s about damn time! I’m hoping that the aftermath will weed out a few crooked Congressmen and Senators on both sides of the aisle, as well.
This is the sort of thing that allows me to maintain a little faith in the Obama administration. Just when you think those guys have muddled so many things in the name of “bi-partisanship”, they surprise us with this bit of news. I’m thinking, masterful chess move by the Feds and Obama.
The mortgage and foreclosure bankster scams should be next!
It goes back to John Kenneth Gailbraith and Jack Clark’s words…
ALL YOU NEED TO KNOW
The modern conservative is engaged in one of man’s oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
John Kenneth Galbraith
THE JACK CLARK COROLLARY –
Everything the right-wing does is designed to accomplish one of two things, either:
(a) transfer wealth from everyone else to the rich, or,
(b) distract everyone else from the fact that (a) is occurring.
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.
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.
- Report: U.S. Preparing Sweeping Insider-Trading Charges (huffingtonpost.com)
- Report: ‘Pevasive insider trading’ investigated (msnbc.msn.com)
- U.S. authorities preparing charges in massive insider-trading investigation: report (theglobeandmail.com)
- Report: “Pevasive insider trading” investigated (msnbc.msn.com)
- The FBI Could Unleash The Biggest Wave Of Insider Trading Charges Ever — WSJ (GS) (businessinsider.com)
- U.S. Pursues Sweeping Insider-Trading Probe (online.wsj.com)
- U.S. in Vast Insider Trading Probe (online.wsj.com)