Nofsdad
Joined: 06 Jul 2003
Posts: 8380
Location: Central CA
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Posted: Fri May 15, 2009 6:51 am Post subject: The Pitiful, Pathetic And Just About Useless SEC
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SEC Employees are Under Investigation for Insider Trading
Please... don't try to tell me anybody is surprised by this.
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The hits just keep on coming for the Securities and Exchange Commission. Apparently it was not enough to be reduced to a shell of an oversight agency under the Bush administration. Some employees are now alleged to have participated in insider trading. They must have saw all of their Wall Street buddies cashing in and wanted to join the game. From Reuters:
Two U.S. Securities and Exchange Commission employees are under investigation by federal criminal authorities for allegedly using insider information to trade stocks, a source familiar with the matter said on Thursday.
A report by the SEC's internal watchdog alleges that the two SEC lawyers traded in stock of a large financial services company despite being told by another SEC employee of ongoing investigations of that company, CBS News reported.
The SEC inspector general report said one SEC attorney under investigation works in the Office of the SEC's Chief Counsel and has access to a tremendous amount of nonpublic information, CBS News said.
An SEC spokesman said: "We take seriously even the suggestion that any SEC employee would engage in insider trading. We note that the inspector general report neither accuses any SEC employee of insider trading nor concludes that any such conduct took place."
Calls to the SEC's inspector general and Federal Bureau of Investigation were not immediately returned. |
When it comes to graft and corruption I think I'm so fricking numbed by the sheer volume of it over the past decade or so I'm incapable of being surprised by anything anymore. Doesn't stopped me from being humongously pissed off 24/7 but surprised? Nah.
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