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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.
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European Recession Deepened in First Quarter
First-quarter GDP estimates for the euro zone and the wider 27-country European Union were due from the EU statistics office later on Friday (10 am London time) and seen showing a contraction of 2.0 percent or thereabouts after a drop of 1.6 the previous quarter.
Europe’s Economy Contracted Most in 13 Years in First Quarter
From a year earlier, the euro-area economy shrank 4.6 percent, also the biggest drop on record, today’s report showed. The statistics office is scheduled to publish a breakdown of first-quarter GDP on June 3. The European Commission on May 4 cut its outlook to project a contraction of 4 percent this year and 0.1 percent in 2010.
Originally posted by marg6043
reply to post by DangerDeath
The system now that has taken over our nation, is to benefit only one class, making the division of classes wider and wider specially during the this recession and at the end the tax payer will be sacrificed for the ones holding the power.
[edit on 14-5-2009 by marg6043]
U.S. April CPI flat as tobacco prices jump
WASHINGTON (MarketWatch) - Led by a large decline in energy prices, U.S. consumer prices were unchanged in April after seasonal adjustments and have fallen 0.7% in the past 12 months, the largest decline in 54 years, the Labor Department reported Friday. The decline in the consumer price index has sparked concerns about deflation in the United States. However, core inflation - which excludes volatile food and energy prices - has not declined. In the past year, the core CPI is up 1.9%. In April, the seasonally adjusted core CPI rose 0.3%, boosted by a 9.3% increase in tobacco prices. Excluding tobacco, the CPI fell 0.1% and the core CPI rose 0.1%.
U.S. lawmakers are seeking Treasury Secretary Tim Geithner’s help in persuading Wells Fargo & Co. not to liquidate Hartmarx Corp., the 122-year-old clothing company that has made suits for President Barack Obama.
Representative Phil Hare said yesterday that more than 30 members of Congress, including House Financial Services Committee Chairman Barney Frank, will join him in asking Geithner to pressure Wells Fargo to entertain bids for the bankrupt company instead of closing it down. The lawmakers are drafting a letter with the request.
“We’re asking him to call Wells Fargo and tell them not to liquidate,” said Hare, an Illinois Democrat and a Hartmarx employee for 13 years before his election to Congress.
Originally posted by GreenBicMan
reply to post by marg6043
True that, you will never ever ever ever ever hear the backroom story
In a more recent note pertaining to this, you should check out dendrion when they ran up 20 some points, then a bear raid took it down to 8 dollars and then it got halted, then opened back up to 25
NASDAQ determined all trades stood.
Im surprised no one has commented on this yet.
To top that, some on the yahoo message board called it, at the EXACT TIME, 20 MINUTES BEFORE IT HAPPENED
I was watching that too, because CNBC was pumping it all day (BEFORE THE DROP) and I just watched the whole thing unfold..
I went back and looked at the ticker at NASDAQ.COM and they were all round lots, ALL RETAIL GOT STOPPED OUT
I do envy though the group that took that out, and then bought it all back, pretty genius, and must have had a great insight on that stocks liquidity levels.. there is MUCH MORE to this story of course.. but you should check it out