U.S. in Late Stages of Insider Trading Investigation

[Fredkc]

U.S. in Late Stages of Insider Trading Investigation (http://www.nytimes.com/2010/11/21/business/21trade.html?src=twrhp)

Federal authorities are at an advanced stage of an insider-trading investigation that could result in criminal charges or significant civil fines against Wall Street traders and executives, a government official said Saturday.

“We are far along in investigations of insider trading,” said the official, who spoke on the condition of anonymity because the inquiry is incomplete.

Goldman Sachs is among the firms under scrutiny, according to a person briefed on the investigation who was not authorized to discuss the matter publicly. The person said the inquiry involved several low-level Goldman employees, not executives.

Both the Justice Department and Securities and Exchange Commission have taken an increasingly aggressive — and public — stance in pursuing insider-trading on Wall Street. Among the government officials taking the hardest line is Preet Bharara, the United States attorney in Manhattan.

Any new charges brought by the government would come on top of a widespread insider-trading case — billed by Mr. Bharara’s office as “the largest hedge fund insider trading case in history” — that has ensnared a number of money managers and company executives, including the Galleon Group co-founder Raj Rajaratnam. Last week two more Wall Street traders were revealed to have pleaded guilty to securities-fraud charges, the 13th and 14th people to have pleaded guilty in the year-old criminal case.

In all, 23 people have been charged criminally in the investigation.

[daledo]

If there are not any repercussions for criminal actions they will do it more and more. The whole financial system is so corrupt that I have my doubts that it can be fixed. There are cities that have created their own form of currency to be spent within the community. This keeps jobs local and spending local. Maybe every city needs to adopt this so we can put an end to the outright robbing of the citizens of the world by Wall Street crooks and the bankers.

The problem that I see with this investigation is that it is the nobody's that always get busted... they are the fall guys. For every Bernie Madoff that is tried for their crimes there are at least 100 that will never see the courtroom. They hardly ever go after the big fish because they have major ties with high ranking government officials. If the big ones go down they will take ALOT of powerful people with them... so this never happens. They have their escape goats in place well before their illegal operations take place.

[Lost Soul]

I hope it includes the Morgan Stanley precious metals traders. They were caught driving silver prices down by selling silver that they didn't have in their vaults. Now that entire group has been laid off by Morgan Stanley.

[kcw_one]

My hunch is that this is merely a smokescreen. US authorities have little power to prosecute the real money terrorists, as the true big-money oligarchs own the supreme court and significant portions of the legal "justice" apparatus. It would be nice to see the manipulative parasites of the world thrown off our systems like a dig shaking off fleas, but I just don't see it coming thru official means, announced by official news channels. At this point in the game, the power factions are fighting for control, so we may seem some portions exposed and brought down, but rest assured that the power brokers will continue to cook the books and play their games with the fortunes of the masses. Intuitively though, I feel that they're digging a deeper grave for themselves, as the truth can no longer be concealed. They think that they are all set to bring forward the next phase of their control scheme, but it will not be so. Energies are brewing that they know nothing of, therefore cannot defend against. The house of cards needs only a slight breeze to cause it to tumble down.