The Pittsburgh Tribune ran an excellent piece on Insider Trading on Saturday.
www.pittsburghlive.com/x/pittsburghtrib/s_638430.html#
I have spoken about what a fraud PPIP is and that Geithner/Bernanke are 10X worse then Madoff ever was.
tradersutra.blogspot.com/2009/07/anatomy-of-bailout-great-debate.html
tradersutra.blogspot.com/2009/03/will-it-work.html
tradersutra.blogspot.com/2009/04/halcyon-days.html
"The Treasury cannot possibly match wits with the innovation and aggressiveness of Wall Street," he said. "If you give them a set of rules and there are technicalities and legal loopholes and things we haven't thought of, they are going to find that out — not because they are bad, but because that is what they are supposed to do. They are supposed to seek out profits at all costs."
"If being a trader in the program gives you information that enables you to do trades on the side, that isn't going to go over very well with the public," said Lynn Turner, former chief accountant at the Securities and Exchange Commission
"The danger is that traders in the government program could wield enormous influence in the market — and there are no explicit restrictions on how they could use that influence to profit in side deals of their own. A trader privately could buy up groups of toxic mortgages on the cheap and later drive up the price by purchasing similar mortgages using government money".
"Barofsky said a simple solution would be to construct a "wall" between traders in the public program and those in other parts of the firms, thus preventing the manipulation of prices with inside information".
Yes...This has worked brilliantly with Research and Investment Banking.
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