U.S. in Vast Insider Trading Probe

[golden]

U.S. in Vast Insider Trading Probe

By SUSAN PULLIAM, MICHAEL ROTHFELD,JENNY STRASBURG and GREGORY ZUCKERMAN

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................................

online.wsj.com/article/SB10001424052748704170404575624831742191288.html?mod=MKTW


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[fastoy]

Here, its more about saving face and not upsetting anyone.

The FMG case, that was comprehensively thrown out as it should have been, is back on appeal today. So ASIC is spending our money pursuing a six year old futile case, that had no victims even it was proved. But it never will be proved because it simply did not happen. We can read the posts on TNO at the time, 2004, as I have done. Some of them were mine.

Meanwhile, down at the NAB the MD sold several million dollars worth of his shares ahead of his announcement to the public of an issue that depressed the price. It was a clear breach, but ASIC told me that they elected not to take any action.

The regulators are worse hypocrits and charlatans than the people they purport to police. I have absolutely no faith in them, how could anyone?

Tony Kelly, NSW Minister, was seen fraternising with Rodney Adler at a recent function. Draw your own conclusions. Rodney might have done his time, and Tony can talk to whoever he wants to, but at a public function, he should appear squeaky clean. Weak at the very least.