Billionaire among 6 nabbed in inside trading case

[anarchist]

http://finance.yahoo.com/news/Billionaire-among-6-nabbed-in-apf-2808194948.html?x=0

[DimLightbulb]

Wonder how much "major press" this will get.  Senior execs from both Intel and IBM involved and they got wire taps to boot.

This just may be the start of a corporate "cleansing".  But I think it might be a little too late to clean up Wall Street.

Here's some more details:

http://blogs.wsj.com/marketbeat/2009/10/16/tech-laggards-ibm-and-amd-earnings-issues-or-galleon-case/?mod=yahoo_hs

[mtlouie]

Somebody made somebody farther up the food chain vewy vewy angwy.   

The day they haul the fuckers from Goldman Sachs to the hoosegow, then I'll believe something has happened.

[anarchist]

Somebody made somebody farther up the food chain vewy vewy angwy.   

The day they haul the fuckers from Goldman Sachs to the hoosegow, then I'll believe something has happened.

agreed, its time for scapegoats. if the SEC pulls in a couple of small fish, it takes the attention off the big fish.

[DimLightbulb]

Somebody made somebody farther up the food chain vewy vewy angwy.   

The day they haul the fuckers from Goldman Sachs to the hoosegow, then I'll believe something has happened.

Ain't gonna happen.  A GS exec just got named as SEC enforcement.
The "fox" is now officially guarding the henhouse.
AP story so I won't link but it's all over the net.

[wordnerd]

What I truly do not understand is the greed of the people who already have the largest percentage of the money 

[DimLightbulb]

What I truly do not understand is the greed of the people who already have the largest percentage of the money 

Greed is pure evil.  Once you get some money, I guess you can never have "enough".  With money comes power and maybe these guys felt very powerful that they were able to get away with this and get even more money.  But a few million in profit seems like pennies these days with "billions" being bantered about.

I dunno..execs make a boatload of money plus get all those special options, parachutes, benefits and bonuses. 
Money truly is the root of all evil, isn't it ?

[yellowrocker]

“Just a little more.” – John D. Rockefeller’s reply when asked how much money it takes to make a person happy.

John D. Rockefeller was the richest man in the world.

[Abhaha]

What I truly do not understand is the greed of the people who already have the largest percentage of the money 

"Is not dread of thirst when your well is full, thirst that is unquenchable?" Kalhil Gibran

[plastixxman]

More info on the case follows at the link.  IMO this is as has been said the government going after a guilty small fry to gain to credibility for future "regulation" of the industry they will propose.  Of course it will have been vetted by Goldman and Morgan and anything reformers actually get in their thats of any concern will be ignored or legislated away in the next session when attention has moved elsewhere.  The rule that allowed Enron to begin trading energy on the futures market was voted on during the last day of the Commodities Futures Trading Commission session during the Bush I administration.  I member of the 5 man commision wasnt there and the deciding vote for the rule change was cast by Wendy Gramm, wife of Senator Phil Gramm of Texas of Banking Committee and a major insider.  A few months later after Clinton had appointed a new commission Wendy Gramm turned up at her new job, sitting on the board of Enron for a fat salary.  In this case you can bet no one at Goldman or Morgan will feel the pinch of the FBI.  Its also nice for the white shoe boys that hes a foreigner.  Cant have any WASPs getting busted now can we?  Might make those mixers and junkets at the country clubs and masonic halls less fun.

http://www.businessinsider.com/wall-street-panics-in-wake-of-galleon-insider-trading-case-2009-10